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CITIBANK'S WILLIAM RHODES NAMED MAN OF THE YEAR BY LATINFINANCE MAGAZINE

 MIAMI and HAMBURG, Germany, March 25 /PRNewswire/ -- William R. Rhodes, vice chairman of Citicorp/Citibank, has been named Man of the Year by LatinFinance magazine, it was announced today by Peter Conway, president of LatinFinance.
 In its issue published to coincide with the Inter-American Development Bank's annual meeting in Hamburg, LatinFinance describes Rhodes as "Debt Diplomat Extraordinaire" and says of his leadership role in resolving the international debt crisis:
 "Working for Citibank and at the same time skippering a flotilla of other banks with disparate interests, he has managed to bring the banks, debt representatives and central banks into harmony when only discord was expected."
 Rhodes is the second recipient of the annual award. A year ago, Domingo Cavallo, finance minister of Argentina, was honored.
 LatinFinance magazine will present the award to Rhodes at a reception in Hamburg on March 29.
 In its Man of the Year article, LatinFinance said that beginning with Mexico in 1982, a series of Latin American countries were unable to service their external debt, causing widespread concern that the international financial system would collapse.
 To help resolve the crisis, Rhodes personally led commercial-bank negotiations with the three largest debtor countries -- Brazil, Mexico and Argentina -- and with Uruguay and Peru. He also worked closely with the chairmen of committees on Venezuela, Chile, Colombia and the Philippines, and with leaders of the International Monetary Fund, World Bank, Inter-American Development Bank, Group of Seven finance ministers and central banks, and the Paris Club.
 LatinFinance quotes Ernest Stern, a managing director of the World Bank: "He (Rhodes) worked the phones day and night across the world. He understands people's problems and also when he needs to push on to a conclusion. And he was absolutely committed to the proposition that a deal was possible that would benefit all sides."
 Rhodes was instrumental in negotiating a series of agreements to resolve the countries' external-debt problems, including in 1992 an agreement with Argentina, which will be completed April 7, and a preliminary agreement with Brazil.
 Says Jacques de Larosiere, governor of the Banque de France and former managing director of the IMF, as quoted by the magazine: "(Rhodes is) not just a technician of the economic art... He has a deep understanding of the world and developing countries and especially debtor countries -- the political and social fabric."
 LatinFinance concludes that, thanks to crisis-induced economic reforms, at least some Latin American countries have reduced debt service to a workable percentage of government revenues, allowing them to allocate resources to other pressing problems. They have generally controlled inflation and are attracting an increasing amount of investment.
 Rhodes told LatinFinance that the economic reforms should be deepened to further support democracy: "The fruits of this labor have to pass through to all sectors of society. At the end of the reform process, you have to be able to show people that things have actually improved."
 In addition to today's award, Rhodes has received the Legion of Honor from the French government for his role in managing the debt crisis, the Orden de Mayo last Monday from the government of Argentina, and several decorations from the government of Venezuela.
 -0- 3/25/93
 /CONTACT: Steven Murphy of LatinFinance, in Miami, 305-448-6593, or in Hamburg, 040-35020; or Richard J. Howe of Citibank, in New York, 212-559-9425/
 (CCI)


CO: Citibank ST: New York IN: FIN SU:

GK-PS -- NY023 -- 9475 03/25/93 10:08 EST
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Date:Mar 25, 1993
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