"What it means is that the process is continuing to function," said William Rhodes, Citibank's chief debt negotiator.

But later in New York, the country's top debt negotiator, Edgard A. Leal, said payments had not been suspended.

It was announced here on Thursday that Jorio Dauster, debt negotiator since last year, would be reassigned to Brussels.

The approaches "buy time to make the structural changes countries need to return to the voluntary markets," said William Rhodes, Citibank's chief debt negotiator.

World Economy on Stage Mexico's top debt negotiator says banks' increased reserve cushions could mean fewer third-world loans.

In New York, Edgard A. Leal, the Venezuela's chief debt negotiator met with the bankers.

Mr. Gurria, who has previously served as international debt negotiator and most recently as Foreign Minister, is an astute politician.

Jorio Dauster, Brazil's chief debt negotiator, said Brazil would not make an interest payment that falls due Saturday.

"The worst thing for us is a big recession in the United States," said Mr. Aninat, the debt negotiator.

Jorio Dauster, Brazil's foreign debt negotiator, has said he hopes to win a $2 billion standby loan.