Global finance community sets voluntary guidelines for defaulting debt.

Publication: The Miami Herald (Miami, Florida) (via Knight-Ridder/Tribune Business News)

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COPYRIGHT 2004 The Miami Herald

Byline: Pablo Bachelet

Nov. 23--WASHINGTON -- The heavyweights of the global finance community unveiled a set of voluntary guidelines on Monday aimed at making debt defaults less traumatic for nations and investors alike.

Major debt issuers like Brazil, Mexico, Korea and Turkey worked together with the Institute of International Finance, an influential group of private banks, to put together the principles announced in a news conference at the IIF headquarters here.

Its promoters hope the guidelines -- the "Principles for Stable Capital Flows and...

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