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The experience of American investors in foreign bonds has been brief but instructive. Of the five billions of the dollar bonds foreign governments floated in the United States between 1920 and 1931, almost a third, mainly of Latin-American countries, is in total or partial default. Unfortunately, among the Latin-American countries the default ratio is approximately 76 percent. These binds are said to have been in the hands of nearly 700,000 investors.

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