By then, some of the countries had already entered into standby agreements with the IMF and therefore, the use of the word “conditionalities” was tabooed. By the turn of the decade of the 1980s, the international recession was beginning to take its toll on regional economies, all of whom found themselves facing serious balance of payments and debt difficulties.
Spreads on jumbo mortgage loans have retraced a portion of their earlier large increases, but recent regulatory and legislative changes make it difficult to assess the impact of liquidity measures in that segment of the market. Corporate debt spreads have also declined somewhat from recent highs.