The leaflet says South Africa is facing hard financial times because it owes the world's lenders $21 billion; $1.5 billion must be repaid (or rescheduled) by December 1993; $3 billion must be repaid for loans which will come due in 1990 and 1991; nevertheless, 3 U.S. banks continue to maintain strategic ties with South Africa (CITIBANK, Manufacturers Hanover Trust, and J.P. Morgan) and have chosen to reschedule South Africa's debt; but only CITIBANK has converted all of Pretoria's loans ($666 million) into ten-year "exit-loans", thereby giving the apartheid regime until 1997 to pay off its debt; these "exit-loans" help South Africa because they don't require any payments of principle until...
The leaflet says South Africa is facing hard financial times because it owes the world's lenders $21 billion; $1.5 billion must be repaid (or rescheduled) by December 1993; $3 billion must be repaid for loans which will come due in 1990 and 1991; nevertheless, 3 U.S. banks continue to maintain strategic ties with South Africa (CITIBANK, Manufacturers Hanover Trust, and J.P. Morgan) and have chosen to reschedule South Africa's debt; but only CITIBANK has converted all of Pretoria's loans ($666 million) into ten-year "exit-loans", thereby giving the apartheid regime until 1997 to pay off its debt; these "exit-loans" help South Africa because they don't require any payments of principle until 1992 and this helps SA get over the 1990-91 "hump" which requires $3 billion in repayment. The leaflet says CITIBANK HAS THUS EASED THE PRESSURE ON SOUTH AFRICA AT THE EXACT MOMENT WHEN MORE PRESSURE IS NEEDED TO ENSURE A NON-RACIAL DEMOCRACY AND NOT SIMPLY A "REFORMED" APARTHEID STATE. CITIBANK HAS UNDERCUT THE POWER OF SANCTIONS AND HAS GIVEN PRETORIA MORE TIME, FLEXIBILITY AND CREDIT TO FIGHT ECONOMIC PRESSURES FOR CHANGE; CITIBANK SHOULD BE PENALIZED FOR HAVING CONVERTED SOUTH AFRICA'S DEBT. The leaflet says WHAT YOU CAN DO. THE LEAFLET SAYS 1. BOYCOTT CITIBANK BY: *WITHDRAWING YOUR MONEY FROM CITIBANK IN EVANSTON (TRANSFER to NBD or First Illinois) and let CITIBANK know why *Cutting up and sending back your CITIBANK Visa/Mastercard with a letter of explanation *Sending back uncompleted CITIBANK Visa/Mastercard applications (using their postage-paid envelopes) with a letter of explanation. The leaflet says 2. Write a letter to CITIBANK asking them to: *End all correspondent banking with South Africa - such "routine" transactions (transfers to SA accounts, accepting deposits into SA accounts, issuing letters of credit to SA entities) sustain South Africa's foreign trade and finance. *Sell their outstanding loans to South Africa on the secondary market. This drives down the price of SA's debt and makes other countries less willing to loan money to the apartheid regime. The leaflet asks people to write Mr. John Reed at CITIBANK in New York. The leaflet says if you are interested in joining SASO's demonstration at CITIBANK during Reading Week, please call Keri. The leaflet discusses NBD Bancorp.
