Word: loaned
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Dates: during 1970-1979
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...will raise the rent that it currently pays to Panama from $2.3 million to $10 million a year and will add another $10 million from canal revenues, business permitting. Panama will also be advanced a $200 million loan from the Export-Import Bank, a $75 million loan for housing investment and $20 million to start a Panamanian development bank. The two nations are also negotiating a military-assistance program...
...termed by an internal management study to be "unparalleled in the history of American business." Lockheed in 1969 and '70 lost wads of money on fixed-price defense contracts. It was saved from bankruptcy in 1971 only by the Government's guarantee of a $250 million bank loan, and ever since has been in almost continuous negotiation with its bankers to arrange credit. The company's reputation was almost ruined by disclosure that up to $38 million in questionable foreign payments was made to spur sales of its aircraft; the scandal involved Prince Bernhard of The Netherlands...
...that will arrange favorable terms for prospective buyers. The inability to do that while Lockheed's own finances were in a mess is a major reason why TriStar sales have never matched the company's predictions. Anderson's most immediate problem is to arrange short-term loans to replace an estimated $80 million of the Government-guaranteed loan...
Then it was on to Rome to negotiate a loan of $530 million to the Italian government, which was on the verge of being overthrown because of chaotic inflation and an inability to finance oil imports. "What would have happened without the Fund," says one international banker, "is too ghastly to contemplate...
...return for those loans, the IMF prescribes the kind of medicine that most governments detest: reduction in public spending, targets for lower inflation rates, tightening of credit-in effect, a reduction in the standard of living. Witteveen, to be sure, denies that the IMF imposes its will on creditor countries; "consultation" is all that it asks, he claims. The distinction is largely semantic: the IMF may not tell a borrowing country how much to cut its budget or how much to raise taxes, but it can keep refusing a loan until officials come up with budget-balancing measures that satisfy...