Hedging the world

The World Bank

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The past 18 months have been tough for most sovereign lenders. Some of the top firms – including Citigroup, JP Morgan Chase and Fleet Boston – have watched losses on Latin American exposures send their stocks spiralling downwards. Fingers burnt, many lenders are stepping back from emerging markets sovereign lending. The Bank for International Settlements’ third-quarter 2002 lending statistics show credit extended to Latin America continues to contract. But the International Bank

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