Description

In August 1985 South Africa announced a moratorium on the repayment of its foreign debts after the US bank Chase Manhattan refused to roll over its loans. As a result, South Africa was forced to negotiate a series of short-term rescheduling agreements with overseas banking consortia. The AAM and End Loans to Southern Africa (ELTSA) campaigned to persuade the banks to refuse any further loans until apartheid was dismantled.