Word: debtors
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...places to make safe investments. Says Vivian Morgan-Mendez, an economist at Sào Paulo's Banco de Boston: "What other country looks better as a long-run proposition?" The answer, of course, is that many do. But Brazil has achieved that most enviable role of a debtor: it is so far in hock to so many banks that its creditors cannot allow it to go broke...
...plunge in blind like a little boy in a swimming hole and you find that her cervix is a razor, and all the vascular urgency of your passion lies split bleeding across the severe edge of experience, and what do you do? When Eros lies manacled in debtor's prison? When all the meat is sucked out of your egg, and all that remains is a thin calcic parody of what might at least have been an omlette? God created women to provide life with a metaphor for itself, and the name of that life is Death, the name...
...nations could not pay back their loans and faced national bankruptcy. That caused the IMF to step in. The IMF began to work to protect the international banking system; provide emergency loans to the insolvent Third World countries; and use the leverage thus gained to gain control over the debtor nations' economic policy and insure that all the loans will eventually be repaid...
Bankruptcy Act of 1898 was the final resort for the debt ridden. Before the revised act went into effect last October, the typical debtor went into "straight bankruptcy": many of his possessions were taken from him and sold. Secured creditors, attorneys' fees, court costs and taxes were paid first. What was left went to the unsecured creditors on a pro rata basis. Many of the creditors remained unpaid, while the debtor had little left with which to start a recovery. Only in about 15% of the cases did debtors choose to proceed under Chapter 13, or the "wage-earners...
Much of that changed when the new law, before Congress for five years, came into effect. Most important among its provisions was a liberalization of Chapter 13 -on the theory that easing the debtor's hardship would give him or her the financial strength to pay a reasonable percentage of what was owed...