intermediary between usandourcreditors. Inthedialogue withourcreditors we shallnotacceptasapre-condition themortgaging ofoursovereign economic independence northeimposition ofinternal political conditions through the signingoflettersofintentwithnegative termsforourpeople. Irepeatbefore thewholeworldthatmyresponsibiltiy asHeadofStateistothePeruvian people,BCl'/td A/40/PV.5 13 (President Garcia p4r~.> thatthePeruvian peopleisthepi:imarycreditor asfarasI8JIconcerned andthat thePeruvian Government hasbeenelected bythepeople, notbysomefinancial cartelthatwishestosatisfyitsownappetite. Inconclusion, weaffirmthatincurrent conditions theforeign debt-asa resultofitsW'ljustorigins andbecauseofthemethods bywhichithasbeen increased -cannotbepaidbyanyofourcountries, because theefforttoservice itattimewUlkeepourdelOOcracies trapped inmiseryand-violence. Thus,weare facedwithadramatic choice~ eitherdebtordemocracy. Thatisthecrossroads fa.cedbyLatinAmericaatpresent~ thatisthecrossroads atwhichthepoorworld nowfindsitself. wemustdecidewhatroadtotake. Webelieve thattheobjective mwstbetheunityofthedebtorcountriesanda radical changeinthepresent situation. Tothatend,weneed,toharmonize our positions withthoseoftheCOW'ltriesofAfrica andAsia,andtoco-ordinate Latin American action. Onehundred andsixtyyearsofindependent lifeinLatinAmerica haveshownusthattheisolated development ofeachCOW'ltry isamodeldoomedto failure. Nonetheless,wepersist inoursolitude. Asinthetitleofthegreat novel,ourCOW'ltrieshavelivedthrough 160yearsofsolitude. Exporters of commodities, purchasers offactories, debtors~ wehavecontinued onthesamepath, because thesirensongsoftheInternational Monetary Fundandofthebanksbeckon oneandalltowards isolated solutions whichareonlyfadinghopesorletters of. intentthatareimmediately unheeded. wecall f.:;)[unityonthepartoftheNon-Aligned Movement andonthepartof theLatinAmerican COW'ltries.unityonthissubject isaspecific testfor non-alignment, becausepolitical dialogue willservenotonlytodealwithdebt servicing butalsotoplacetheinternational economic orderinanewcontext. Thusthedebtwhichistheresultofourweakness willbetheinstrument ofour strength andanimpetus toourunity. Thatisthegreatroutetofollow: unity.BCl'/td A/40/PV.5 14-15 (President Garcta P~rez) .ButPerucannotwaitforaseriesofmeetings without concrete results. Weshall notfallintothevicious circleofwaiting forunityinthefutureandnotdoing anything lDltilthen. Wedonotbelieve inwaiting passively~ rather, weshallwait actively, notonlybyproposing themaximumofaudacious actions butalsobe committing ourselves toaconcrete struggle. Therefore, wehavetakenadecision thatweshallmaintain: Peruwillassign toitsdebtonlyoneOtltofeverytendollars, onetenthofwhatispaidtoitfor itsworkanditsexports. Thisisaresponsible andrevolutionary decision, becauseitisthedecision ofapoorcountry thatimports foodstuffs andindustri.al inputs, whosedebtiswithwestern banks,andwhichhassuffered andissuffering franthepressure bytheInternational Monetary Fund.Ourresponsibility inthis decisionistofaceuptoitsconsequences. Wedonothave ~privileged relationship withanyPower,because wedonot struggle against dependency bybeingtheinstrument ofanother hegemony. Wedonot adoptanyspectacular positions, advocating non-payment whilerepaying onepartof theworldpunctually, andrepaying wit.hstrategic sovereignty asubstantial debt that,forthatreason, isnotdemanded lDlderpressure bytheotherpartofthe world. Wedonotwant,inaMessianic way,toeXE:Ort a10percentmodelofpayment. Allwewanttodoisprovethatamajorstepcanbetake.nandthatifnvanyothers decidetotakeit,wecanopenuptheavenues tothe fut\~re. Inthefuture,ifwe unite,othersolutions willalsoexist,but,between therhetoric ofgreatspeeches andtherealism ofdecisions, wehavechosenthelatter. For,ifourrelationship withtheindustrialized worldisexpressed through debt,ithasitshistorical ori9inintheunjustdifference between thepricesofimports andthoseofexports.JSM/ed A/40/PV.5 16 (President Garc{ap4rez) Todaypriceeofcopper, silver, fishmeal andoilexports arelowerwhilereal interest ratesrise.weareconvinced thatbylinking thesetwoaspects wecan changetheseassymetrical relatims. Andthisisthewayinwhichwearestaking onthefutureandsetting ourowntermsofpayment. Ifinterest isthecostof moneywithin agiventerm, th~nbyse~ting amaximum payment thetermisextended andbybeingextended interes~ ratesareinfact va~ied. SOmeone hashastened tosaythat.what,wearedoingisaccumulating moredebt. Butthatpassive pessimism doesnotdistinguish between twodifferent elements: thatofthecreditol', forwhominterest accumulates, andthatofthedebtor, whoby setting amaximum paymentislayingdownhisownrules,independent ofthe accumulation ofdebtthatthecreditor presumes hehas.Thismeansthatthe uncertainty ofthefuturebecomes aproblem forthecreditor, ratherthanforus.
**Analysis**
The text appears to be a speech or statement by the President of Peru, addressing the country's foreign debt and its impact on the economy and people. The speech touches on themes of economic independence, unity among Latin American countries, and the need for a radical change in the present situation. The author emphasizes the importance of linking the prices of imports and exports, and setting one's own terms of payment.

**Category**
International trade, Economic development