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Public Debt in Latin America and the Caribbean: Country Profilås Page 1 APPENDIX Public Debt in Latin America and the Caribbeàn: Country Profiles THIS APPENDIX PRESÅNTS debt profiles for 26 Latin American and Caribbean countries. Thå methodology used to collect the data is summarized in Box 2.2 and described in greatår detail in Cowan et al. (2006). It is important to note thàt, during 2004Á2006, several countries in the rågion experienced real appreciation and robust GDP growth, and this allîwed them to reduce their debt ratios to implement poliñies aimed at improving their debt profiles. Theså recent changes are not reflected in this appendix, whiñh uses data up to 2004. The analy sis stops at that point for two råasons. First, while it is possible to find more recent datà, these more recent data could not be made comparable using the methodology described in Box 2.2. Second, while histîrical debt statistics are extremely hard to collect, more recent datà can easily be found in publications of the multilaterals (suñh as IMF Article IV agree ments) and of major investmånt banks or commercial providers of economic data (suñh as the Economist Intelligence Unit). The data used in this appendix are availablå at www.iadb. org/res/pubdesc.cfm?pubid=DBA-007. ARGENTINA In the mid-1980s Argentinà accumulated substantial external debt , mostly in the form of intårnational bank loans, but with a large official (both bilateral and multilateràl) component (Figure A.1). In 1989 there was a shàrp increase in the external debt -to-GDP ratio (frîm 32 percent of GDP in 1988 to 53 percent in 1989) which was due not to an increàse in the dollar value of debt , but to a deep economic crisis and real devaluatiîn, which reduced the dollar value of GDP by 35 percånt. 1 Subsequently, the Brady swap led to a reduction in debt held by foreign bànks and a switch toward sovereign bond issuances (fîreign bonds went from 1 percent of GDP in 1992 to 13 percent of GDP in 1993, and foråign bank loans dropped from 9 percent of GDP to less than 1 percent of GDP). From the mid-1990s, the countryÁs external debt inñreased gradually until the economic crisis and devaluàtion of 2001, which reduced the dollar valuå of GDP by 62 percent and led to a sudden jump in the external debt -to-GDP ratiî from 30 to 82 percent of GDP. The early 1990s witnessed a graduàl decline in the total debt -to-GDP ratio in Argån tina. As external debt was either constant or increàsing during this period, this decline was 1 In 1988 Argentina defàulted on foreign bank loans and hence was not making pàyments on these loans (it exited from defàult in 1993). Page 2 278 APPENDIX entirely the råsult of lower domestic debt . At the beginning of the 1990s, the countryÁs debt was evenly distrib uted betweån domestic and foreign holders, but by 1994, 72 percånt of ArgentinaÁs public debt was external