Word: creditors
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Dates: during 1980-1989
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...company then expanded its line of merchandise to include video players and ^ electronic appliances in the hope of boosting business. Bewildered customers began shopping elsewhere, and Revco fell short of its sales and earnings targets. Revco became the largest LBO to seek bankruptcy-court protection last year, after a creditor demanded accelerated payments on $100 million of junk bonds...
...trouble Mexico is finally getting a modest dose of debt relief, but whether it will be enough to right the country's economy is in question. Last week Mexico and 15 of its largest creditor banks said they had reached a tentative agreement under which the country will save some $12 billion in payments over the next four years on its foreign-bank loans; these represent $54 billion of its total debt. Mexico's President Carlos Salinas de Gortari hailed the agreement on television, declaring, "This is the culmination of one of the most difficult, complex and tense financial negotiations...
...accept lower interest payment on an existing loan -- 6% a year, say, as opposed to 10% -- if assured that all interest payments would be made on time. In recent years, many strapped Latin debtors have repeatedly made late interest payments. This has an immediate and painful effect on the creditor bank, since it lowers its quarterly earnings. Under the new plan, the International Monetary Fund and the World Bank would insure that interest payments are made on time...
...succeeded too well on that score. His rhetoric on domestic matters encouraged Americans to celebrate instant gratification at the expense of the future, while his policies channeled national energies away from enterprises of common purpose. Reaganomics increased the national debt by 170% and converted the U.S. from a major creditor to a vulnerable debtor in the global financial market...
...borrowers suffer from what is called debt fatigue. When capital flows between borrower and creditor are measured, the harsh fact is that much more money is moving from debtor to banker than the other way around. In the past two years, 15 of the most indebted borrowers made a net transfer of $58 billion to their creditors. And it is not just commercial banks that have been collecting the cash. In fiscal 1988 the IMF took in $5 billion more in interest and principal payments on outstanding loans than it disbursed in new loans...