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Neste artigo a autora procura mostrar que, no atual contexto internacional de importantes mudancas na base produtiva, e em funcao das consequencias da crise da divida externa, a retomada do desenvolvimento economico na America Latina exige a recuperacao dos fluxos financeiros externos, essencialmente para superar as restricoes cambial e de financiamento do setor publico. Essa recuperacao, entretanto, nao pode ser esperada dos agentes financeiros privados que, em funcao da crise do inicio dos anos 80, voltaram suas prioridades para o mundo desenvolvido

This paper deals with the international banks' adjustment process to the external debt of the less developed countries. It starts with an overview of the American banks' financial situation during the eighties and concludes that, after Brazil's default in 1987, banks are willing to strengthen their capital structure, but still have risks to face

The end of the Cold War and the revolutionary transformation of international relations have provoked a pessimistic view about the destiny of the Third World, now called "South". The collapse of state socialism, however, does not necessarily determine a future of misfortunes to that group of countries, including Brazil. Some "South" countries will escape from an obscure destiny, but others will not, depending upon the competence of their elites and their political ability to implement a national development project. This article deals with the prospects for Brazil and Latin America after the Cold War