Word: bailouts
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...first days in office, he raised hackles among some UNIDO members by insisting that Jose Fernandez, 66, remain as president of the Philippine Central Bank. Ongpin's desire to keep Fernandez, a capable and widely respected financial expert, was eminently practical: he was a major architect of the IMF bailout scheme that saved the Philippines three years ago and will be a key player in ongoing consultations on the foreign debt...
...small in scale to do the job. U.S. bankers, for their part, fear that any more dollars they lend will simply go down the same chute as their earlier loans. In any event, the Baker plan's long-term therapy is of scant use to Mexico, which needs a bailout right away. The Reagan Administration seemed sympathetic to Herzog's appeal last week, but gave no indication about what kind of financial help it might be considering...
Even so, the F.C.S. is in no danger of going bankrupt. It has a $3 billion reserve fund to cover further losses in 1986. Moreover, last year it followed the example of Chrysler in seeking a federal bailout. In December Congress passed a law designed to keep the supply of farm credit flowing by clearing the way for the F.C.S. to borrow money from the Government if necessary...
Some reports had it that Chief of Staff Donald Regan was behind the ousting. His dislike of Iacocca stems from the controversies over Chrysler's billion-dollar bailout when Regan was Secretary of the Treasury. But the White House stoutly denied any involvement in Hodel's decision, and the Secretary agreed that he had swung the hatchet without help. When Regan learned about Hodel's decision, he said simply, "Fine, it's his call...
...plea for a bailout puts the Administration in a difficult situation. Such action would violate Reagan's free-market philosophy and could open the door to other federal-aid requests. But farmers have plenty of political clout, and troubles in farm credit could spread to other parts of the financial system. In congressional testimony last week, Agriculture Under Secretary Frank Naylor stopped short of proposing, as some White House advisers have suggested to the President, that the Treasury extend a $3 billion line of credit to the FCS. Instead, Naylor said that the system should use the surplus funds...