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 Costa Rica reached an agreement with its creditor banks
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 that is expected to cut that government's $1.8 billion in bank debt by as much as 60%.
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 The agreement was announced by Costa Rican President Oscar Arias Friday,
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 as President Bush and other leaders from the Western Hemisphere gathered in the Central American nation for a celebration of democracy.
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 Costa Rica had been negotiating with the U.S. and other banks for three years,
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 but the debt plan was rushed to completion
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 in order to be announced at the meeting.
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 The government had fallen $300 million behind in interest payments.
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 Treasury Secretary Nicholas Brady called the agreement an important step forward in the strengthened debt strategy,
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 noting 
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that it will
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 when implemented,
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 provide significant reduction in the level of debt and debt service 
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owed by Costa Rica.
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 Under the plan, Costa Rica will buy back roughly 60% of its bank debt outstanding at a deeply discounted price,
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 according to officials
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 involved in the agreement.
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 The remainder of the debt will be exchanged for new Costa Rican bonds with a 6 1/4% interest rate.
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 The International Monetary Fund and the World Bank are expected to provide approximately $180 million 
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to help support the deal,
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 and additional funds are expected from Japan.
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 Treasury officials say 
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the Costa Rican agreement demonstrates
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 that the Brady debt plan can benefit small debtor countries as well as big debtors, such as Mexico.
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