Word: dollarization
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Dates: during 1980-1989
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...Nassau, the Bahamas, where taxes are lower than in Europe. In one such deal, Edwards charged, a telex from the Paris branch of Citibank instructed the Nassau office to buy $6 million worth of French francs from the Paris branch at the rate of 4.7275 francs to the dollar. Then the telex instructed Nassau to sell the $6 million at the higher rate of 4.7375 francs per dollar. The transaction did not change Citibank's overall net financial position, but the Paris branch could record a lower profit on its books and thus pay lower taxes in France...
Japanese and American government officials sharply differed last night at a Kennedy School Forum in their explanations of the two countries' multi-billion dollar trade deficit...
...fiscal 1983 Defense Department requests are up 13.2%, after inflation, from the current year, and the five-year forecast calls for spending a total of $1.6 trillion, an amount that Ronald Reagan might try to make comprehensible by describing a stack of dollar bills 107,000 miles high. Reflecting on these towering sums, New York Democratic Senator Daniel Patrick Moynihan flatly predicts: "The proposed defense increases aren't going to take place...
...public and private colleges in the state. Illinois has approved the selling of tax-exempt bonds to provide an independent college student loan fund. Yale University is raising tuition by about 14%, partly to increase scholarship funds. Dickinson College, a small private school in Pennsylvania, has established a multimillion-dollar fund to loan money to parents whose children no longer qualify for guaranteed student loans...
...land. On the balance sheet, the pickings still look rich. The size of the industry more than doubled in a decade, from $1.66 billion worth of sales in 1970 to $3.68 billion in 1980. But that growth was maintained at great cost. Panic set in back in 1979 when dollar volume for the business tumbled 11%. Now, after cutbacks and corporate scrambling, the major labels have regained some of their equilibrium...