Word: intra
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Dates: during 1960-1969
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When the main office of Lebanon's Intra Bank reopened last month to pay off holders of small savings accounts, hopes rose that the country's biggest bank might soon be out of the crisis that had shuttered it and slowed much of the country's business since October. Last week Intra received a new setback, this time from the courts...
Despite all the proud displays, a meaningful volume of intra-Oriental trade still remains a vision of the future. But the fair and the new Asian Development Bank could, as Japan's Premier Eisaku Sato put it at the ADB inaugural, mark the "opening of a new era in the history of Asia...
...Intra's trouble was still far from hopeless, but the smell of blood was in the financial air. Pro-Saudi Arabian politicians in Lebanon cited leftist newspaper attacks on King Feisal to persuade some Saudis to make immense withdrawals. Attempting to head off an acute crisis, Bedas went to the government's Central Bank for a loan. There he ran up against old foes, and the loan was refused. Word of the refusal soon reached the leaders of Lebanon's bank employee union, who disliked Bedas for keeping the union out of Intra with high salaries. With...
Downed Cow. Apparently aware of what was going on, the Cabinet of Prime Minister Abdullah Yaffi summoned Acting Intra Chairman Najib Salha and asked whether he could personally guarantee Intra's balance sheets. He said he would check, but when he returned to the meeting with an affirmative answer, he was barred forcibly by an armed guard. While he futilely shouted protests from outside, the Cabinet adjourned without the guarantee. The next morning the bank was broken...
...perhaps not permanently. The other banks, at first joyous at the collapse of their big rival, now feel that only the reopening of Intra will bring back confidence in Lebanon's key banking industry. A recent government-commissioned report by Lebanese financial experts pegs Intra's assets at only $8,000,000 less than its liabilities, a relatively small sum that the bank directors themselves could make up out of their pockets. Bedas, who was out of the country when the crisis struck, has stayed out, but has been scouring the U.S. and other financial markets, where...