Word: lender
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Dates: during 1980-1989
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Increasingly, the question is whether the International Monetary Fund (IMF), the lender of last resort for the down-and-out nations of the world, has enough money in its coffers to meet the needs of these nations, and if not, what can be done about...
...major private lender to developing countries is Citicorp, which has lent $4.4 billion to Brazil alone. In all, the nine biggest American banks have provided some $70 billion to the most heavily indebted countries, including more than $42 billion to those in Latin America...
Customers of Bank of America have reason to feel a bit perplexed these days. Giant companies can now borrow from the San Francisco-based lender at a prime rate of 10½%, down from a peak of 21½% at the end of 1980. But the little guy who may need a few thousand dollars for a spring vacation or a home computer is getting no such break from the biggest U.S. bank. He must pay 19% for an unsecured personal loan, off somewhat from last fall's high of 25% but still a towering rate. Similar chasms between...
...unyielding interest charges include those on loans used to buy cars, improve homes and make credit-card purchases. All such debt totaled a record $342 billion in January. Commercial banks, which made nearly 45% of those loans, were by far the largest single lender. The failure of bank rates to fall much has widened the spread between what banks pay for some key funds and what they extract from small customers (see chart). It has also raised cries that the lenders are gouging consumers to make up for losses on loans to big borrowers the banks had no business courting...
...hastily arranged bailout plan revealed the bankers' concern for the health of the U.S. financial system, which is straining under a troubling load of bad foreign and domestic loans. Said one participating lender: "We were motivated to do something out of self-interest. The more smoothly this thing is handled, the better...