capital market. Emergency meetings

capital market. Emergency meetings between international bankers and government
officials of developed nations and developing-country debtors were
convened in the financial capitals of the world. This was because Latin American
debts alone exceeded the net assets of the largest U.S. banks. Rumors of
imminent default led currency speculators to purchase dollars, driving up the
dollar’s market value in 1983–1984 to a level well beyond its shadow value
and adding even further to the dollar-denominated debt burdens of developing
nations