Word: default
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...their willingness to lend to troubled nations-and countries such as Brazil, Mexico, Peru and Zaire may be nearing the end of their ability to repay, unless they get new credits. Various experts believe that without emergency loans from the IMF, a number of less-developed countries would default on their loans, possibly bringing down some big banks or triggering an international economic collapse...
...likes to exhort: "You'd better straighten out and fly right with God." Last year $52 million was on loan to parties-in-interest," meaning institutions or individuals who have business or fiduciary relations with the fund; 55 loans were classified as "uncollectible" and 26 were in outright default. A generous proportion of the loans was granted on especially favorable terms, with minimal payments for years and a big 'balloon" upon termination. On one $4.8 million loan to a fund asset manager, Alexander Butcher, repayment of $4.2 million is deferred until...
...Manufacturers Hanover Trust: "Each lending bank regularly reviews conditions in a particular borrowing country and makes a decision about what the country's lending limit should be." Moreover, bankers point out, most of their loans are concentrated among richer and more productive LDCS where the risk of default presumably is lowest -such countries as Brazil, Mexico and South Korea. By contrast, countries like Pakistan, Peru and Ghana get little commercial-bank credit. Finally, bankers argue, a substantial cut in foreign loans now could lead to social and political disruption in some LDCs and bring on the very defaults that...
...military officers and union leaders. Bombs ravaged army barracks, public buildings and vital industries. Under the inept government of Juan Perón 's widow Isabel, inflation in Argentina was galloping at an annual rate of 350%. The Treasury, down to its last foreign reserves, was about to default on its overseas debt. Then, on March 24, in a bloodless, clockwork coup, the military deposed Isabel Peron from the presidency. Led by the Commander in Chief of the army, Jorge Rafael Videla, the new junta set two goals: crushing terrorism and reviving the economy. How well has it done...
...Devon to a physician father, Owen developed his socialist convictions while working in National Health Service hospitals, and first won a Parliament seat from Plymouth in 1966. Britain's youngest Foreign Secretary since Anthony Eden was named to the post in 1935, Owen got the job partly by default: Healey apparently felt that the demanding Exchequer post, during Britain's financial crisis, is a better steppingstone to No. 10 Downing than the old glamour slot at the Foreign Office, which in Britain's present position in the world is simply not as important as it used...