Word: lender
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Never in its history has the IMF faced debt problems of such magnitude. The agency, which has 146 member countries and a staff of 1,600, including 750 economists, has spent most of its time since its founding in 1945 in relative obscurity. As the international lender of last resort, the IMF grants short-term loans for three to five years from its $35 billion lending pool to help nations finance temporary trade imbalances. The IMF deals with rich and poor countries alike. In the mid-1960s, for example, Britain borrowed some $3 billion to deal with its severe balance...
...scrambled to sell bank-issued certificates of deposit and rushed to seek safety in U.S. Treasury securities. Dealers in other markets temporarily lost confidence in the rising dollar and started bidding up the price of gold. Even the porkbellies market reacted, and prices fell because Continental is a big lender to commodities traders. Some traders apparently helped stir up the panic to make a quick profit...
While Sallie Mae has grown to be the predominant secondary market for student loans many higher education sources say the company has become preoccupied with turning profits. David Longenecher of the Minnesota Higher Education Coordinating Board a $100 million "last resort lender" to students who can't get loans anywhere else says. "We're kind of critical of the way in which (Sallie Mae) has done business which is on a very profit oriented basis. Its profit motive seem to have taken precedence over its public purpose...
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...