Word: deepened
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Albania's agony is likely to deepen as it undergoes the wrenching retooling of its economy. The tense peace that prevailed during the campaign could dissipate as a divided People's Assembly wrestles with intractable problems -- and heightened expectations. Free elections were Albania's shaky bridge to the world, assuring the restoration last month of formal relations with the U.S. after a break of 52 years. But crossing that bridge will demand great patience from Albanians and considerable aid from those on the other side...
...deficit last week led to the resignation of C. Jackson Ritchie, the company's chief executive, and the layoff of nearly 100 of the bank's 6,000 employees. Regulators were worried that First American's secret parent, itself in financial trouble, would start siphoning off funds that would deepen the loss and conceivably fatten the bill to U.S. taxpayers should First American have to be bailed out. To guard against that, the Federal Reserve Board last week ordered First American not to transfer any funds, including management fees, to B.C.C.I., or to exchange any assets with it. Says...
...biggest risk is the prospect of a widespread bank collapse. The trigger could be a protracted war in the Persian Gulf, which could, in turn, deepen the recession and force debt-laden companies into massive loan defaults. Collapsing banks would aggravate the downward spiral by drying up credit and leaving taxpayers with another painful bailout bill. The disaster scenario may be plausible, but most experts doubt that bank failures will come close to the magnitude of the S&L fiasco, which will cost Americans as much as $1 trillion over the next 30 years. Despite the banking industry's problems...
French President Francois Mitterrand insists that the E.C. can both deepen and widen: achieve the Community's goals and help Eastern Europe. But even Delors, "Mr. 1992," doubts whether that aim is achievable: he fears that Germany's preoccupation with making unification work and its commercial expansion into Eastern Europe will slow down the process of E.C. integration...
...sound too Calvinistic, will come to bear in the downturn, making it deeper than it otherwise would be. And the medium of that will be a shrinkage in the availability of credit. Just as the advent of ever longer maturities in car loans, for example, helped prolong and deepen the expansion, so will shrinkage in the terms of credit -- whether they be in car loans or mortgages or corporate lending -- deepen the recession. I am not at all sure this is going to be a Grapes of Wrath. At least, I hope not. But I think by the time...