Word: loaning
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...foreign countries--that convinced Clinton he had to bypass Congress altogether. With the Mexican peso sliding, only $3.5 billion left in Mexican currency reserves and financial markets throughout Latin America on the brink of collapse, the President last week invoked his executive authority to grant Mexico $20 billion in loans and loan guarantees as the centerpiece of a coordinated bailout. Following Washington's lead, the International Monetary Fund agreed to provide Mexico with a further $17.8 billion, and the Swiss- based Bank for International Settlements kicked in an additional $10 billion...
Experts say the country that defaulted on millions of dollars in loan payments in 1982 has greatly strengthened its economy since then. It has balanced its budget three years in a row; sold off costly state-owned companies like Telefonos de Mexico, the country's largest telephone firm; and locked into place an open-market policy by joining the North American Free Trade Agreement. And even though Mexico still lacks a large, consumer- oriented middle class, business activity grew a healthy 3.1% last year...
President Clinton used his emergency powers to craft an economic rescue package for Mexico intended to avert the possibility of loan defaults that could ignite financial panic throughout the hemisphere. The President thus neatly bypassed congressional opposition to his original proposal of $40 billion in loan guarantees. Despite some grumbling on Capitol Hill, the President's move received support from both the Republican and Democratic leadership (and a sigh of relief from many members happy to be freed from having to vote on a controversial aid package). For the most part, Mexican financial markets reacted favorably to the President...
...Mexican crisis. As it was, the chairman's effort had only limited impact on Congress, where populist Republicans have been joining forces with anti-free trade Democrats to make passage of the bailout package unlikely in the near future. Democratic Senator Ernest Hollings of South Carolina denounced the loan-guarantee legislation as a ``billionaire bailout'' to save the fortunes of rich investors on both sides of the border. Though House Speaker Newt Gingrich expressed backing for the Clinton proposal, he said, ``It's clear from polling data that there's just no base of popular support out there...
...midweek, Mexico got a measure of relief when the International Monetary Fund approved a $7.8 billion loan, the largest it has ever made, to help stabilize the peso. Argentina, Brazil, Chile and Colombia also jointly opened a $1 billion credit line for Mexico. But the infusions were not large enough to solve Mexico's most serious challenge: finding sufficient funds to pay off or refinance $26 billion in mostly foreign-owned short-term bonds maturing during 1995. The government got a hint of the difficulties ahead last week when it put at auction $400 million in U.S. dollar-denominated bonds...