3 Latin Countries Form Debtors Group

Argentina, Brazil and Mexico, Latin America’s most indebted countries, have created a “Group of Three” to consult on their foreign debt and other economic woes, saying “internal adjustment steps are not sufficient to resolve the problem of the debt.”

The finance ministers of the three countries, who issued a joint statement Thursday, said the debt problems pertain to borrowers and creditors and that they must jointly agree on economic growth. The statement also said the group will meet every six months and more often, if necessary.

Brazil is considered the developing world’s most indebted nation, with $112 billion owed to overseas creditors. In February, it stopped servicing about $70 billion of medium- and long-term debt owed to foreign banks.