Recent developments: rehearing granted: Allied Bank International V. Banco Agricola Credito de Cartago and the Current International Debt Crisis

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Vol: 11, Issue: 1

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United States District Court for the Southern District; Banking; Commercial Law; International Law
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The United States District Court for the Southern District has ordered a rehearing of the ruling in Allied Bank International v. Banco Agricola Credito de Cartago1 (Allied). This is well received news in the banking community because the magnitude of foreign debt, especially to Latin and South American countries, is at an all time zenith. The early 1970's evidenced an unprecedented American growth in banking when United States banks expanded their international operations.2 The potential for future loan activity may be affected to a considerable extent, depending on how Allied is decided upon rehearing.