Word: banco
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...beautiful people cluster at one of their favorite In places, the Spanish Mediterranean resort of Marbella, just west down the coast from Malaga. Clustering there too this Christmas, alas for them, were the creme de la creme of criminals. When Francisco Yelamo, director of the Marbella branch of the Banco de Andalucia, unlocked his bank on the town's main street, the Avenida de Ricardo Soriano, at the end of the Christmas holiday early last week, he opened the doors on a burglary so thorough that it rocked all of Spain. Over a long and lucrative holiday recess...
...December, shortly after the U.S. Government came up with a $1.2 billion short-term bailout loan for Brazil (where U.S. institutions carry $18.9 billion of a total debt of $87 billion), several large U.S. banks combined forces to rescue Brazil's largest commercial bank, the government-controlled Banco do Brasil, from a severe cash shortage. This support operation is still continuing...
...months the cash drain was kept quiet. But eventually the lending banks began to pick up the whiff of desperation. Brazil dipped into its $5.5 billion reserve of U.S. dollars and even pledged its entire 2.5 million-oz. gold cache to secure credit. Then the government-controlled Banco do Brasil, which finances the nation's international trade, began drawing down cash, estimated at nearly $2 billion, that it ordinarily keeps on deposit with major international banks. When that was exhausted, the Brazilian bank was forced to turn to overnight borrowings to stay in business...
...Banco officials were soon telephoning around the world in a frantic search for funds. But even the banks that had stood by Brazil to protect their existing investments were fearful of pouring more money into what now yawned before them as a bottomless...
Shortly before Antonov was arrested, Pope John Paul moved to help clear up another Vatican-related mystery. After the death last June of Milan Banker Roberto Calvi, there were revelations about curious connections between Calvi's Banco Ambrosiano and the Istituto per le Opere de Religione (I.O.R.), better known as the Vatican bank. In a papal letter, John Paul last week indicated that the Holy See would be ending its dependence on investment and speculation for its funds and would rely instead on "the spontaneous contributions of the faithful and of other men of good will...