Word: loan
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Dates: during 1960-1969
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...opening of "Form from Process," people asked to take the chairs off their platforms and sit on them. This was impossible, for they are antiques on loan from collector John Sailer of Vienna and many museums. Katayama felt the need to solve this seemingly peripheral problem, which is crucial in terms of total space. He placed modern reproductions of the chairs along a wall of the room. Sitting in one of these chairs, a visitor ends his tour with a feeling for the interaction of Thonet, Katayama, and Le Corbusier.TOSHIRO KATAYAMA, graphic designer for the Visual Arts Center, designed...
...week, Britons-and many others in the Western world-experienced a deep sense of shock at the news. Until the last minute, there were hopes and rumors that Britain would be able to free herself, at least temporarily, from the heavy pressures on the pound by getting a massive loan from its Western allies. After all, the pound is one of the two international reserve currencies (with the dollar), and its devaluation was bound to throw the West into a severe monetary crisis. Still, there it was. Growing crowds booed the police outside 10 Downing Street, and London...
...swallow than devaluation. In order to back up devaluation with financial muscle, Britain not only had to go hat in hand to the International Monetary Fund (to which it already owes $1.4 billion) to ask for a fresh drawing of $1.4 billion, but also had to arrange a multinational loan of $1.6 billion from its partners, thus creating a new $3 billion support package in order to prevent the total collapse of the pound. To back up its action, the government raised the interest rate from 61% to 8% in order to attract foreign deposits, ordered British banks to limit...
That afternoon, Callaghan had to go before the Commons to answer questions about rumors that Britain had made international loan arrangements. He did not confirm that there were such negotiations for a good reason: there had not yet, in fact, been any. It was not until after the Cabinet meeting that the government went out and started looking for loans on the basis of its decision. The Bank of England's O'Brien went to work calling up his central bank counterparts in Europe and in the U.S. The whole deal was finally arranged by Saturday afternoon...
...busier or given it more nightmares than Britain, whose economy has palpitated in maddeningly regular intervals through a dozen sterling crises in 18 years. The pattern soon became all too familiar: a period of expansion leading straight to the brink of bankruptcy for sterling at $2.80, then a rescue loan to buy time while the government damped down the economy. Once a spell of austerity built up Britain's reserves anew, governments invariably felt politically impelled to relax restrictions and let the whole expansion-to-the-brink process begin again...