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CITIBANK: PERU AND BANK COMMITTEE REACH AGREEMENT

 NEW YORK, Nov. 23 ~PRNewswire~ -- The Republic of Peru and the Bank Advisory Committee have announced that an agreement has been reached on a mechanism that will allow for the discontinuance of legal proceedings brought against Peru since March 1990.
 The proceedings were brought by Peru's commercial bank creditors in order to preclude the possibility that their legal rights might have been affected by any statute of limitation.
 Peru has agreed not to assert the statute of limitations as a defense during the six-year period if substantially all the litigation is withdrawn by April 15, 1993. The withdrawal of the lawsuits will be submitted for the approval of the country's commercial bank creditors who have been engaged in the lawsuits, which were filed in several jurisdictions. The Bank Advisory Committee gas agreed to support Peru's efforts to have the litigation withdrawn.
 "The banks' willingness to take this action reflects the progress in economic management that the Peruvian government has shown over the last two years," said Mike de Graffenried, chairman of Citibank's Sovereign Debt Restructuring Committee and chairman of Peru's Bank Advisory Committee.
 De Graffenried also said the agreement was reached in expectation that substantive negotiations between Peru and the Bank Advisory Committee will begin in February 1993, with a goal of regularizing relations between Peru and the international financial community in 1993.
 -0- 11~23~92
 ~CONTACT: John M. Anderson of Citibank, 212-559-2722~
 (CCI)


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

SH -- NY075 -- 0716 11~23~92 16:04 EST
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Publication:PR Newswire
Date:Nov 23, 1992
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