Word: loaned
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Dates: during 1970-1979
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...about one percentage point to the inflation rate. The unions at some stage could be forced to rebel against the social contract and seek big raises to catch up with inflation. Now a new menace has arisen: the possibility that onerous conditions could be attached to the IMF loan. Talk is circulating through London that the IMF may demand, if not a $1.50 pound, then draconian cuts in social spending or a rise in the Bank of England's minimum lending rate to 18% (it is already a sky-high...
...head off those possibilities, the government is now engaged in what one Cabinet minister terms "a game of chicken." Callaghan opened the game by directly implying, in an interview on British television, that if the nation's allies insist on stern conditions for the IMF loan, then Britain will have to reduce its contributions to NATO. The country's primary contribution is the maintenance of 55,000 soldiers and airmen in Germany. The government seems to be thinking in terms of a cut of $795 million a year in defense spending, which would mean a reduction in that...
Even if the game of chicken succeeds and Britain gets the IMF loan with few strings, the winter is strewn with pitfalls. Shortly, Parliament will begin a debate on home rule for Scotland. If moneymen could be so shaken by an unsupported story in the Sunday Times, what will be their reaction to screams from Scottish Nationalists for control over the revenues from North Sea oil, Britain's putative salvation...
...more than 6,000 checking-account customers are women, although many of the accounts are small and inactive. Lourdes Rosa, 30, an office manager, frequently makes a long subway trip from her Bronx home to First Women's because the bank gave her a furniture loan and she finds its atmosphere "much friendlier than other banks...
Some 95% of the bank's personal loans have been made to women, although the bulk of commercial loan dollars has gone to "prime accounts" like Gulf & Western Industries-not primarily too small, female-run enterprises, as might have been expected. Says Benedict: "Our loan policy is no different from other banks." As a new institution, he adds, First Women's must be extra cautious in lending money because otherwise "every deadbeat in town will beat a path to our door...