Word: loans
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Dates: during 1920-1929
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...reports, Pangalos forces every possessor of a bank note with a face value of more than twenty five drachmas to snip an end therefrom. The snipped notes, worth three quarters of the legend printed on them, continue to circulate dolefully while the other quota goes to the "National Forced Loan...
...farm legislation, with the all-embracing title "What the Corn Belt Demands". It demands an end to the sale of government lands, a Federal organization for dumping on Europe surplus produce, a tariff on farm produce to put agriculture on a parity with manufacture, further extension of the Farm Loan system, and a Federal agency to store surplus and superintend cooperative marketing;--any or all of these restoratives American agriculture demands...
...reluctantly snipped off one-fourth of such banknotes as they possessed having a face value of 25 drachmas ($5) or more. Each large residual end of their clipped banknotes became worth three-fourths of the original value before clipping. Each small end became one "share" in a "National Forced Loan" which Dictator Pangalos launched last week by the simple expedient of commanding the Greeks to snip, promising to pay them 6% interest on their snipped "shares," and seizing one-fourth of the collateral securing, the present banknote issue. By this means he secured 1,250,000,000 drachmas...
Since Dictator Pangalos declared that he was about to provide Greece with a fleet "dominating the eastern basin of the Mediterranean" when he seized the Government (TIME Jan. 11), his declaration last week that "this loan will not be expended on armaments" was regarded with profound suspicion...
...folly to make an agreement with him. Mr. Hull favored waiting until Italy had made economic recovery in order to get better terms. Others declared that Italy was doing well economically, had great resources. How, they asked, is it that a bankrupt is able to get a loan of $100,000,000 from J. P. Morgan & Co.? And how is it that she can pay a high rate of interest, 7% or 8%, to J. P. Morgan yet is not able to pay our government any interest for five years, only ⅛% for the next ten years, aned Italy...