Word: loan
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...White House for talks with Gary Edson, an economic and national-security aide to Bush. The Israelis, sources familiar with the negotiations tell TIME, have asked for an extra $4 billion in military aid for equipment such as missile-defense and early-warning systems, plus another $8 billion in loan guarantees. "This is our idea," says one Israeli source, adding, generously, "but obviously it's not take it or leave...
Toni Goldfarb, a writer in Old Tappan, N.J., says a five-figure loan she made to a close family member upset their relationship, even though they had a signed agreement and he was paying interest on the sum. The problem was both the repayment schedule--she says her relative paid her quarterly in "dribs and drabs"--and the fact that he lived a more affluent lifestyle than she and her husband did. It took more than five years for Goldfarb to be fully repaid. "He didn't think this was a big deal because he thought it was a fair...
Emotional issues aren't the only reason to think twice about family loans. There can be financial consequences too. Borrowers--especially those with limited credit histories--miss out on the chance to build their credit rating when they borrow money privately. This can be a hindrance for them later in life when they apply for a car or home loan...
Lenders, of course, lose access to, and often interest on, their money. But there can be other costs as well. For example, unless lenders charge interest on their loans at the prevailing market rate, they may be liable for the difference if they're audited, says Brent Neiser, director of collaborative programs at the National Endowment for Financial Education. And if they fail to charge any interest at all and don't set repayment terms, the loan can be considered a gift that is subject to IRS gift-tax rules. Depending on the sum, the tax can run as high...
...about Meirelles and Finance Minister Antonio Palocci, a physician who, as a PT mayor in the '90s, engineered a very unsocialist privatization of local utilities. Both men have pledged to adhere to strict economic targets that the International Monetary Fund set last year in return for a $30 billion loan to Brazil. Senator Heloísa Helena, part of a PT group that wants Brazil to default on its $208 billion foreign debt, says she is "sad and disillusioned" by the government. "Did we win," she asks, "just to be the good little boy for international bankers...