Word: eurodollars
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...deposit coveted hard currency without encountering the burdensome exchange restrictions and withholding taxes on interest that they would meet at home. Now, however, a growing number of the dollars are traveling no farther than Singapore. There, U.S. bankers and local officials have created a Far Eastern version of the Eurodollar market-the $40 billion pool of U.S. money on deposit in private banks in Europe and loaned from there around the world...
...Foreign commercial banks can lend dollars back to the U.S. Last year U.S. banks borrowed a startling $9 billion of Eurodollars. That gave the banks more money to lend in America, and eased the sting of the Federal Reserve's tight-money policy. But the U.S.'s borrowing drove Eurodollar interest rates as high as 12%, and the rise helped to pull up all other European interest rates. > Foreign central banks can buy up unwanted dollars and hold them in official reserves. In West Germany, the Bundesbank last week bought $500 million that flooded in-mostly from speculators...
...million by selling its holdings in Wilson Sporting Goods, and this too can be applied to the debt. Earlier this month, LTV Altec sold Allied Radio Corp. for $30 million. Meanwhile, Ling has had to expand some loans. Last week LTV Aerospace borrowed $32.5 million on the Eurodollar market and agreed to pay a fluctuating rate of interest, which will be 1% above prevailing rates. The initial LTV Aerospace payment...
...Eurodollar amounts to a new and highly controversial form of international currency. Last week in Strasbourg, Vice President Raymond Barre of the Common Market warned the European Parliament that Eurodollars have become "one of our continent's top-priority problems...
...immediate reason for the jump to last week's peak was the rush to borrow Eurodollars for conversion into German marks. Big-time speculators found it much easier to borrow on the Eurodollar market than to dig into their own pockets for the money...