- 29 - served as its deputy chairmen. A senior executive at Citibank, William Rhodes (Rhodes), represented Citibank in its role as the BAC's chairman. The BAC also appointed certain coordinating banks in various sectors of the international financial community. The BAC members and coordinating banks would advise foreign lenders of the status of the negotiations. Also, any foreign lender could raise any issue in connection with the proposed phase II restructuring that it wished with the BAC. The BAC adopted a set of operating rules concerning its deliberations and its negotiation of the phase II restructuring. The BAC would formulate its position only by reaching a unanimous consensus among the BAC members. It would further negotiate with the Brazilians only those issues pertaining to the phase II restructuring that it considered to be of importance to all of the foreign lenders, as a group, in effectuating the restructuring; it would not negotiate with the Brazilians those issues that it felt concerned only some of the foreign lenders. However, on those issues which it would not negotiate, but which it believed were important issues to certain foreign lenders, the BAC would advise the Brazilians of the issue's existence and its importance to some of the foreign lenders. During the phase II negotiations, perhaps the most contentious issue the BAC dealt with was the issue of new money to be provided to Brazil. Under the proposed phase II CGA, all foreign lendersPage: Previous 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Next
Last modified: May 25, 2011