Word: creditanstalt
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...even in union-friendly France as an opportunistic shakedown - fizzled out after almost everyone showed up for work. And those much-photographed queues outside some banks were strictly voluntary displays of euro- enthusiasm, since in most countries the old currencies are still good for at least another month. The Creditanstalt bank in Vienna opened for five hours on New Year's Day and found itself swamped with customers trading in their schillings for euros, even though almost no stores were open to take either currency...
...interconnected world, points out Jeffrey Garten, dean of the Yale school of management, a small spark can start a huge conflagration. In 1930 it looked as if the consequences of the 1929 market crash might be contained; it was the collapse in 1931 of the Austrian bank Creditanstalt that turned a market correction into a worldwide slump. Similarly, the global financial crisis of 1997-98 started with the devaluation of the Thai baht--though Thailand's whole economy is about the size of Kentucky...
...economic times, the huge appetite for cheap "Saturday-night- sp ecials" -- or both? Last week Colt's Manufacturing Co., a leading maker of commercial and military firearms, filed for bankruptcy under Chapter 11. A $10 million line of credit proffered by the Connecticut Development Authority and an Austrian bank, Creditanstalt, should give the company, the seventh largest gun producer in the U.S., time to reload and reorganize...
...opening private businesses or to state combines suddenly shorn of their subsidies. No country has been able to figure out a rapid way to convert state businesses to private ownership. "It is absolutely wrong to come in here with textbook notions of economics," says Werner Varga, an economist with Creditanstalt, a large Austrian bank that keeps a close watch on the region...
...Brown-Forman's account, through the New York computers of Chase Manhattan Bank and into the account of "Walter Newman" at Vienna's Focobank. At 9:34, an additional $25 million flew from the ledgers of United Airlines to Citibank for relay to the account of "GTL Industries" at Creditanstalt...