Word: loan
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Dates: during 1970-1979
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Correspondent Marcia Gauger has a fine professional facility for being in the right place at a stimulating time. Three years ago, while on loan from TIME to teach journalism at the American University in Cairo, she was caught in one of the riots over high Egyptian food prices that rattled the government of President Anwar Sadat. This year, even before settling in as the magazine's New Delhi bureau chief, she covered the collapse of the government of Indian Prime Minister Morarji Desai...
Even if Tehran finally does not default on its debts, the danger is that European and Japanese banks might call in their loans to Iran. The possibility became more acute last week. That was because of an action by an eleven-member international financing syndicate headed by the Chase Manhattan Bank. The syndicate voted to declare a $500 million loan to Iran in default for failure by Tehran to pay some $4 million in interest charges. The Iranian central bank retorted that it had instructed the Chase to transfer the needed funds from an Iranian account in New York...
...referred this to everyone except the United Nations," Flynn said. "This is reminiscent of a T.V. commercial where a guy goes to a bank looking for a loan and he gets a rain hat and a balloon but they don't give him any money. These people come here looking for significant relief and what are we going to give them? Further research?" he asked...
...Loan for Chrysler
Meanwhile, Chrysler's rescue plans move sluggishly. Under the Government's $1.5 billion loan guarantee plan, the company must come up with an equal amount of outside help. But banks are showing reluctance to sink more money into the troubled company. Chrysler thus last week was asked by the Government to step up its so far futile efforts for a possible joint venture with a Japanese or European car firm in order to raise additional cash...