Word: creditation
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...previous arrangement with Citibank, the consumer and corporate banking arm of Citigroup, contained a similar provision eliminating the need for co-signers, but Citibank terminated its agreement with Harvard in early October, citing the effects of the frozen credit markets...
...investment and selling their local banks to western European ones. It helped to drive the export boom of the past five years but left them more vulnerable to the crisis. Western banks have lent $1.6 trillion to Eastern Europe, but the crisis could see them pull back yank credit lines from their local subsidiaries, triggering a domino effect of collapsing financial institutions...
...governments will be to look to their own backyards first, only thinking of the European dimension as an afterthought. Without any clear direction, there is also a risk that instability in the east could infect everyone else and drag down the euro. Last week, Moody's Investor Services, a credit-rating agency, warned of default risks for banks in six western European states that are overextended in the east. If that occurs, it could jeopardize one of the E.U.'s finest achievements, the embrace and revival of Eastern Europe...
...wasn't far off; with wage increases failing to keep pace with inflation, about 21% of middle-class Americans have spent themselves to the limit. Personal bankruptcies rose by a third last year and mortgage defaults - well, they're moving beyond subprime borrowers and hitting those with previously high credit scores. On Feb. 27, Biden and eight members of his task force, including Education Secretary Arne Duncan and Energy Secretary Steven Chu, will meet at the University of Pennsylvania to discuss the rescue of the middle class. Their first task? Creating green jobs. The committee believes that building environmentally friendly...
...global economy is short on just about everything it needs for recovery these days - credit, jobs and new customers. But most of all, the world is suffering from a shortage of optimism. As unemployment mounts, asset values deteriorate and governments scramble for solutions, most consumers and investors still don't see the light at the end of the recession tunnel...