Word: crunches
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Dates: during 1990-1999
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Acting Dean Henry Rosovsky announced Thursday that the Faculty of Arts and Sciences (FAS) may incur a deficit exceeding $13 million by the end of this year. Facing its most serious financial crunch in almost 20 years, FAS must trim up to 6 percent of its 1991 departmental budgets, he said...
Dukakis said in an interview that hispriorities now were solely economic: dealing withthe budget crunch and propping up Massachusetts'faltering economy...
Although this is the first time since the early 1970s that Harvard has faced such a substantial financial crunch, the University is not alone in its dilemma. Other major research institutions, like Columbia and Stanford, have also announced their own plans for cutbacks...
...investors are worried that the move could spark a worldwide run-up in interest rates. Since rates on long-term government bonds have risen 55% in Japan and more than 36% in West Germany in the past two years, a new round of hikes could cause a worldwide credit crunch...
...Japan is using the only weapon in its arsenal: higher interest rates. A credit squeeze seems likely. John Hickling, portfolio manager of Fidelity Investments' Pacific Basin Fund, thinks the liquidity drought has arrived. Since nothing spooks stock-market investors like the prospect of rising interest rates and a credit crunch, Japanese shareholders have been cleaning out their portfolios, driving the Nikkei average on the Tokyo exchange down more than 30% from its late December high...