Word: borrows
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Dates: during 1970-1979
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Twelfth Night is not a pioneering work. The playwright was dealing with materials that he and others had manipulated countless times. The result was, to borrow Pope's words, "What oft was thought, but ne'er so well express'd." The Bard here had three main plots going at once; and in no other play did he tie up so many complicated strands at the end with such mastery or with such a blend of feelings...
Italy has had to borrow so heavily to support the lira that annual interest runs to $700 million. Last March the International Monetary Fund made another loan of $1.2 billion, but only on the proviso that Italy put its economic house in order by reducing deficits, limiting spending, increasing taxes and holding down credit expansion...
...homes, and in some cases second homes. Housing barriers are gradually coming down, and whites are not always fleeing when blacks arrive. Insurance Agent Tom Allen, who bought a house in a largely white suburb of Seattle in 1971, recalls that "15 years ago, you couldn't beg, borrow or steal a place outside the central area even if you had the money. Today, if your money is green enough, you can live anywhere...
...money will come out of the financial hide of the rest of the world. Underdeveloped countries that do not happen to be oil producers, such as India, Kenya and Bangladesh, could run up a combined trade deficit of $20 billion or more-if they can beg or borrow the money to pay for oil. The industrialized nations of the non-Communist world, which enjoyed a combined trade surplus of $12 billion last year, likely will swing this year to a deficit of around $40 billion...
Costly Debts. Financing such enormous deficits puts a heavy strain on the Western banking system. Already, many European nations are having to borrow at interest rates of 10% or so to pay for their oil. Though most have good credit, Italy recently had trouble raising $1.2 billion; it wound up borrowing from no fewer than 110 banks. Franz Aschinger, economic adviser of the Swiss Bank Corp., warns that over the next eight years "the accumulated debt tof the industrialized oil-burning nations] would be $400 billion with annual interest payments of $30 billion...