Word: averted
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President Clinton used his emergency powers to craft an economic rescue package for Mexico intended to avert the possibility of loan defaults that could ignite financial panic throughout the hemisphere. The President thus neatly bypassed congressional opposition to his original proposal of $40 billion in loan guarantees. Despite some grumbling on Capitol Hill, the President's move received support from both the Republican and Democratic leadership (and a sigh of relief from many members happy to be freed from having to vote on a controversial aid package). For the most part, Mexican financial markets reacted favorably to the President...
President Clinton used his emergency powers to craft an economic-rescue package for Mexico intended to avert the possibility of loan defaults that could ignite financial panic throughout the hemisphere. The President thus neatly bypassed U.S. congressional opposition to his original proposal of $40 billion in loan guarantees. Despite some grumbling on Washington's Capitol Hill, the President's move received support from both the Republican and Democratic leadership (and a sigh of relief from many members happy to be freed from having to vote on a controversial aid package). For the most part, Mexican financial markets reacted favorably...
...fall well short of present needs. Only 3% of all households in Hyogo prefecture, which includes Kobe, were covered by earthquake insurance. Even people who can afford to build a new home are likely to be stymied at first by a moratorium on postquake construction, a policy intended to avert slapdash projects and allow time for possible new building-code and zoning strictures. In Kobe's case, officials were thinking about extending the normal two-month delay to as long as half a year...
Trying to halt the peso crisis besetting his new administration, Mexican President Ernesto Zedillo today signed a bullet-biting accord for wage and price restraints. Several hours later, in a nationally televised address, Zedillo tried to persuade ordinary Mexicans to join him in enforcing wage and price ceilings to avert any further devaluation or inflation. "Mexico is confronted with a serious economic crisis that will invariably affect the population and demand sacrifices by all," he said. Under the accord, business leaders would not raise prices on domestic goods, while workers would give up substantive pay hikes. Despite these moves, both...
Kerrey and the commission staff have laid down a goal of keeping the budget deficit in check over the next 35 years, which requires action now to avert a looming entitlements-spending explosion. That goal is proving elusive. Kerrey and Danforth introduced their own proposal only to reveal wide splits among the 32 committee members. Those members range from Richard Trumka, president of the United Mine Workers, who criticized the Kerrey-Danforth proposal for relying too heavily on cutting benefits and not enough on tightening tax subsidies, to Representative Bill Archer, the Texas Republican who next month will assume...