Word: crunchingly
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Aggravating the slump is a worldwide credit crunch that affects everyone from auto shoppers to Third World governments. Many lenders who were burned by bad loans in the 1980s are now prudent to a fault. Says Jacobs: "The banks are basically pushing panic buttons everywhere. They are saying, 'We don't care about your situation, we want our money now.' " At the same time, the big cash exporters of the 1980s now have little to spare. Japan, which was a net buyer of $26 billion in U.S. bonds last year, dumped them to the tune of $9 billion...
...stock collapse has shaken Japan's giant banks, which raise vast amounts of capital on the market by issuing shares and pour money back in for investment purposes. As the value of their shares and portfolios plunged, the banks cut back their lending, contributing to the worldwide capital crunch. "The golden age of Japanese financial institutions is over," says Masaharu Usuki, a government economist...
...credit crunch and oil shock will cause new suffering in Third World countries, which already bear an overload of political and economic woes. In one of the most seriously affected nations, Bangladesh, officials estimate that the gulf crisis will cost the impoverished country $220 million a year in higher oil prices and $100 million in lost remittances from Bangladeshi workers who have fled Kuwait and Iraq. The Philippines, which imports almost all its oil, will have to borrow heavily to keep its factories running and prevent unemployment from soaring above the present rate of 12.6%. Deepening Third World troubles will...
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...
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...