In letters delivered to the finance ministers of the Group of Seven countries, the principal Latin American debtor nations, the IMF and the World Bank, the Center calls attention to the growing inequities in the industrialized West's approach to funding Mr. Gorbachev's perestroika and the financial requirements of the flegling democratic governments of Latin America.

CENTERFORSECURITYPOLICY: Center For Security Policy

Regarding such a switcheroo as "income" is like making an interest-free loan and then telling yourself, as the debtor pays back only your principal, that you are earning a generous return on your money.

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First, the tax law says that debt forgiveness by a creditor is income to the debtor in the amount of the principal forgiven.

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The lender trusts the debtor will be able to pay the principal and interest on time.

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