Word: latinized
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
Union workers were not the only ones swept up in the battle. As the strike strangled airline operations, 9,500 nonunion secretaries, ticket agents and other workers were laid off. Aside from making a handful of flights between Miami and Latin American cities, the airline concentrated its efforts on keeping the Northeast shuttle flying so that the cash-rich deal with Trump would not fall through. To attract passengers, Eastern offered a temporary fare of $12 for weekend shuttle flights from New York to Washington or Boston, a fraction of its usual rate of $69. The tactic worked: the first...
...most powerful men in Washington. But his tenure as Ronald Reagan's Treasury Secretary has left a sorry legacy: the failure of the so-called Baker plan, the 1985 policy designed to ease the debt burden of Third World nations. The 15 largest borrowers, most of them in Latin America, have seen their debt climb to more than $500 billion, from $350 billion in 1981. The debt load has left local economies a shambles and fragile democracies threatened. After 300 people died in Venezuela two weeks ago ( during riots over austerity measures imposed to pay off foreign debt, the Bush...
...loans. But the Administration is now encouraging U.S. commercial banks to reduce some of their Third World loans by allowing debtor countries to make smaller payments on their principal and interest obligations. Brady left many of the plan's details vague, and the initial response from bankers, Congress and Latin American finance ministers was guarded. The Mexican government called the plan a "first positive step" but cautioned that many details still need to be worked out. New Jersey Senator Bill Bradley, an outspoken critic of the old debt program, called it a "significant change in direction" and declared that...
...their problems. What happened was just the opposite. Most banks simply refused to issue new loans, fearing they would be throwing good money after bad. As a result, debtor countries found themselves using more and more of their scarce currency reserves to pay their debts. Last year Latin American nations paid $26 billion in interest to their creditors but received only $6 billion worth of new bank loans. The results were stagnant growth and a rate of inflation that has soared to 400% in Argentina and 1,000% in Brazil...
...incentive to ease the pressure on debt-ridden countries. A banker, for example, might be willing to accept lower interest payment on an existing loan -- 6% a year, say, as opposed to 10% -- if assured that all interest payments would be made on time. In recent years, many strapped Latin debtors have repeatedly made late interest payments. This has an immediate and painful effect on the creditor bank, since it lowers its quarterly earnings. Under the new plan, the International Monetary Fund and the World Bank would insure that interest payments are made on time...