Brady Sees Mexico Debt Progress: Treasury Secretary...

Brady Sees Mexico Debt Progress: Treasury Secretary Nicholas F. Brady said there would be progress “shortly” in the protracted negotiations between Mexico and the commercial banks to reduce Mexico’s debt. But he conceded that the Administration would fail to reach its goal of producing an agreement before next week’s seven-nation economic summit in Paris. Brady said the banks had taken the “unprecedented step” of accepting voluntary debt reduction, but the stumbling block to the negotiations is the extent to which the banks would sell their loans at less than 100 cents on the dollar.