Word: loaned
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Dates: during 1980-1989
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Resentment against Jorge Blanco, 57, began to grow in January 1983, when he announced the austerity program. The strict measures were imposed on the country by the International Monetary Fund (IMF) as the price for a three-year bailout loan of $430 million that a faltering economy desperately needed. The Dominican Republic is plagued by 30% unemployment, rising inflation that may hit 60% this year and a $2.5 billion foreign debt. Politicians on all sides felt that the measures placed an unfair burden on the lower classes, whose earning power has decreased by 50% in the past three months...
Jorge Blanco made a state visit to Ronald Reagan in early April, hoping to secure U.S. support in persuading the IMF to soften its conditions when new loan negotiations began this month. But because the Dominican Republic is a democracy and has no leftist guerrilla threat, Reagan praised its stability and offered no more than the $135.7 million U.S. aid package already approved for this year and eased restrictions on an additional $34 million in direct cash aid. The Dominican Republic now stands to gain $40 million dollars, mostly from a 2.8?-per-lb. duty exemption on its sugar exports...
National Intergroup, a diversified company that owns a savings-and-loan network besides being the seventh-largest U.S. steelmaker, appeared ready to leave the slumping steel business only three months ago. At the time, it agreed to sell its steel operations for $575 million to U.S. Steel, the industry's leader. But that deal collapsed in March because of antitrust problems in Washington. Says National Chairman Howard Love: "Our original intent was not to get out of steel, but to find a world-class partner who would allow us to stay in it very successfully...
...North Sea and the Gulf of Mexico. Vulcanus II was set to begin commercial operations in the gulf, where the ship's giant furnaces were to reduce thousands of tons of liquid poisons to harmless vapor. To broaden the burn program, the Maritime Administration backed a $55.8 million loan that enabled At-Sea Incineration Inc. to build two disposal vessels in Tacoma, Wash. Advocates call Apollo I and Apollo II "state...
Weeks added that the University might be able to provide limited funding by mediating a bank loan that team members could repay over the summer...