Word: borrowings
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Dates: during 1970-1979
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...pieces of the complex package hold together, the nation's biggest and most debt-ridden city will get merely another brief breather. The $2 billion will tide it over until December. Between then and the end of the fiscal year, next June, New York must beg or borrow yet another $3 billion or so. It can accomplish this only if it can market bonds to the nation's investors, who have lately viewed New York's paper as a pox. To regain their confidence and start putting its finances in order, the city has had to surrender...
According to the plan, the state will try to borrow $750 million and invest it in Big Mac bonds. State and city pension funds will buy another $750 million of the bonds, the State Insurance Fund will take $100 million and the city sinking funds $180 million. In addition, New York banks have agreed to provide $406 million by rolling over short-term city notes that they hold and buying or underwriting Big Mac bonds. Finally, big property owners have pledged to prepay $150 million in real estate taxes...
...Measures to provide developing countries with some degree of economic security by insulating their export earnings from "the swings and shocks" of such "natural and man-made disasters" as weather and changes in the business cycle. If export income dropped, the countries would be able to borrow compensatory funds from a proposed new $10 billion "development security facility" of the International Monetary Fund. This would enable these countries to proceed on schedule with their development plans. For the poorest countries, the loans might be turned into outright grants, financed by the sale of some of the IMF'S gold...
...once again. Other statistics confirmed that the recovery is continuing, however. Factory orders climbed 3.6% in July from a year ago. A robust $1.02 billion rise in consumer credit in July−the highest such increase in eleven months−suggested that Americans are regaining their willingness to borrow in order to buy major appliances and other big-ticket items. One disquieting note: corporations had scaled back their 1975 capital spending plans by $730 million between June and August, meaning that there will be that much less business buying to help finance the rebound from recession...
...triumvirate consisting of Carey, Beame and State Controller Arthur Levitt to supervise the city's finances and set limits on its spending; (2) a new financial deputy to keep a watch on the city's books; and (3) a complex plan to have the state borrow the $2 billion via the Municipal Assistance Corporation (Big Mac), the major banks and other sources...