Word: borrowings
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Dates: during 1970-1979
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...annual rate of 4.9%-a bit more than in previous months but a far cry from the pace of 1974 and 1975. The behavior of interest rates indicates that businessmen and lenders believe the improvement is real and will continue. In that environment, businesses have less need to borrow: their costs are rising less rapidly, while their profits and cash flow are up sharply. So the demand does not exist to support high interest rates, even if lenders tried to get them...
Corporate treasurers, indeed, are actively trying to avoid borrowing from banks; they remember too vividly the pain of 12% interest rates. Instead, companies are using their higher profits to repay past debt and in some cases pile up huge reserves of Treasury bills and other securities that can quickly be turned into cash. The idea: when the company needs money, it can sell the securities rather than borrow. Even when they do borrow, companies are shying away from banks and either selling commercial paper (a kind of IOU) at rates below the bank prime or tapping the bond market...
...incompetence precipitated the March 24 coup. Argentine foreign debts of about $1 billion will be due at the end of May, and it is crucial that foreign creditors cooperate in extending repayment terms. Emilio Mondelli, the Peronist finance minister, had repeatedly pleaded with the International Monetary Fund (IMF) to borrow an additional $300 million to offset the country's trade imbalance. This request had repeatedly not been granted...
Mostly because of the high price of oil and of imports from industrialized countries, LDCs have sharply increased their borrowing in the past two years. They now owe an estimated $145 billion to rich nations, to agencies like the International Monetary Fund and to private banks. By the Morgan Guaranty Trust Co.'s estimate, they will have to borrow more than an additional $40 billion this year. Interest and principal payments are swallowing most of the aid that the poor countries get. The Group of 77 will demand that the very poorest countries be granted a moratorium on their...
...prefers arrangements like the one between the European Community and 46 of its members' onetime colonies, under which commodity-producing nations get special loans if export revenues fall below a certain level. At Nairobi, Secretary of State Henry Kissinger will suggest an International Resources Bank that would borrow money from private firms and governments of developed nations and relend the cash to LDCs to increase raw-materials production...