Word: eurodollar
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Europe-minded Europeans can tune in Eurovision on TV, rent a Europcar, invest in the Eurofund. Their Eurocrats, helped by Eurogirl secretaries, run the Euromart in Brussels. And then there is the Eurodollar...
...mysterious form of currency to many, Eurodollars flit about the Continent by the billions, escaping a precise definition by economists and an exact count by statisticians. Most simply a Eurodollar, or E$, is an American dollar that has been deposited in a European bank or the European branch of an American bank...
...Eurodollars have been used to finance municipal borrowing in Britain, imports in Italy and even a national-budget deficit in Belgium. More and more American companies, cajoled or clubbed by President Johnson into keeping their money at home, are financing expansion in Europe out of the Eurodollar pool. Says a Zurich banker, "U.S. companies in Europe are soaking up Eurodollars like a sponge." Last week the International Business Machines World Trade Corp., overseas arm of IBM, opened a $35 million line of Eurodollar credit...
Soviet Aid. Ironically the Russians helped create the Eurodollar ten years ago, and probably gave it its name. Soviet-controlled banks in Western Europe began accumulating dollar balances and, fearing that they might be frozen if deposited in the U.S., loaned them to other European banks. The cable address of the Soviet-backed bank in Paris was "Eurobank," and so financiers began asking for "Eurobank dollars" and finally just "Eurodollars...
Since then the Eurodollar has flourished, born of the American balance-of-payments deficit, and nurtured by the scarcity of cheap, flexible credit in Europe. It has created a mobile, truly international capital market, far more efficient than economists could have planned. Eurodollars have been for big-league operators, since the minimum unit of transaction is usually $1,000,-000, and they are deposited on a short-term basis, 90 or 180 days being the norms. The current earning rate of a 90-day Eurodollar deposit...