Word: creditors
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...quartz-watch business. In 1983, when he was approached for advice by a group of Swiss banks, the country had seen its share of the global watch market drop from 43% in 1974 to less than 15%. More than half the Swiss manufacturers had gone under, and creditor banks had taken over the country's two largest watchmaking groups. "They were ready to close them down and sell the brand names off to the Japanese," Hayek recalls. "I proved to the banks that we could revive the industry, then I went on national television and told the Swiss people...
...money-printing presses last year forced international backers to withhold stabilization funds. Russia also lost access to promised aid when it failed to make payments on its estimated $80 billion in foreign debt. That attitude is changing: just before the summit, the Paris Club, an informal group of creditor nations, agreed to give Moscow another 10 years to repay $15 billion in interest and principal originally...
Under Ronald Reagan, a conservative who had earlier inveighed against federal red ink from any soapbox he could find, the U.S. went from being the world's largest creditor nation to being the world's largest debtor. When Reagan took office, the budget deficit was about $74 billion, and the national debt (i.e., the sum of all previous deficits) was nearly $1 trillion. In three years the deficit had soared to $200 billion; and when George Bush steps down, he will leave behind a projected fiscal 1993 deficit of about $340 billion. Today interest on the debt consumes...
Critics challenged the sale, charging both unfair competition and a giveaway of American technological secrets. Not only is Thomson-CSF 60% owned by the French government, but so is Credit Lyonnais, the French bank that is the leading creditor for the Carlyle Group in the deal. As Martin Marietta chairman and ceo Norman Augustine puts it, "I can't compete with the deep pockets of the French government...
...huge bankruptcy filing drove down bank stocks Friday and sent shock waves through world financial markets. Citibank, Olympia & York's largest U.S. creditor, said it has written off $100 million of the $480 million it had loaned to the Canadian company. Such losses could grow in the U.S. and abroad if Olympia & York cannot climb out of the deepening financial hole it has dug for itself...