Word: ldcs
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...copy provided to the magazine, Summers started the note by asking his staff, “Just between you and me, shouldn’t the World Bank be encouraging more migration of the dirty industries to the LDCs [less developed countries...
...Summers experienced perhaps the largest setback of his career when a memo of his was leaked to the press. In the memo, Summers suggested "encouraging the migration of the dirty [high polluting] industries to the LDCs [Less Developed Countries...
...securities industry. When the overcrowded market proved to be a disappointment, Citi dissolved its London equities business, losing $65 million; 140 people lost their jobs. Citicorp was also the leader in Third World lending. Today the bank has some $8.4 billion in outstanding loans to less developed countries, or LDCs. Since 1987 Citi has been forced to write off or set aside reserves of $4 billion to cover bad LDC loans. Last year its net earnings plunged by 73%, to $498 million, partly because Brazil failed to make a $250 million interest payment...
...trader hired by Citicorp's London countertrade division to turn commodities into cash for the bank's commercial customers: "Countertrade enables banking activity to continue where it otherwise might not. No one wants it, yet it is there as the only practical alternative for the hard-pressed LDCS...
...world commerce. Says Franklin Root, head of the Wharton School's international business program: "Such arrangements are anathema to the free market." Others disagree. Zenon Carnapas, head of the United Nations Conference on Trade and Development, says that countertrade deals are "a solution of last resort" for struggling LDCS. Still, no one disputes that postwar prosperity was built on the foundation of free and growing trade among nations...