	volcker urges quick aid to debtor nations federal reserve board chairman paul volcker said that debtor nations have made much progress in laying the groundwork for economic growth but a solution to world debt difficulties was endangered by inaction on new financing there is clearly a danger that adequate financing arrangements are not being negotiated and put in place in a timely way volcker told the senate banking committee the borrowing countries need to be able to proceed with confidence that the necessary funds will be available to them he said brazil has the potential for becoming a leading world economic power but it is in a difficult position today volcker said he said it will take a concerted effort to regularize brazil s external payments the key prerequisite is clearly in the hands of brazilian authorities he said both brazil and its creditors have a strong incentive to work together volcker said regarding  imbalances volcker said that it was critically important that markets be kept open by the industrial nations in addition the united states must reduce its budget deficit and foreign nations need to provide stimulus to their domestic economies volcker said we need time for those actions and the earlier depreciation to work their effects he said reuter 
