Word: loans
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Dates: during 1980-1989
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Much of the discontent has been generated by austerity measures that the Figueiredo government imposed after the International Monetary Fund came to Brazil's temporary financial rescue in March 1983 with a $4.9 billion loan. The measures include curbs on wage increases, a reduction of food-price subsidies and a tightening of credit. The opposition charges that these policies are far too harsh. At last week's Rio rally, P.M.D.B. President Ulysses Guimaraes accused the government of "wanting to liquidate the riches of Brazil and turn them over to the International Monetary Fund...
Money was certainly the prime mover behind Irsay's fly-by-night relocation. He departed owing the city of Baltimore $2.3 million in back taxes, but Indianapolis was willing to overlook his credit history; they have renegotiated a large bank loan for his at favorable terms, and are promising the Colts $7 million a year from ticket sales, preseason TV rights, and regular season radio rights, Indianapolis stands to profit as well--Mayor William Hudnut estimated that the franchise will bring the city $21 million a year and give it invaluable national media exposure...
Idaho Republican Congressman George Hansen was found guilty by a Washington jury last week of "willfully" failing to include four financial transactions on disclosure forms required of federal officials and legislators. Most of them involved loans to himself or his wife, including $61,503 from Texas Oilman and Silver Speculator Nelson Bunker Hunt. While awaiting sentencing and his appeal of the verdict, he will be investigated by the House Ethics Committee, which could recommend that he be censured or expelled from the House. Meese has admitted that he failed to include a loan to his wife and a related stock...
...focus of attention will now shift to the bargaining between Argentina and the IMF. Last year the IMF and the banks negotiated a $1.5 billion loan for Argentina, of which the country has drawn $500 million. The IMF suspended the rest of the credit line, however, when Argentina failed to stick to agreed-upon targets for cutting government spending and slowing inflation. After Raul Alfonsin became President in December, the new civilian government gradually began working on an economic program that would satisfy...
Argentina's $46 billion debt is only a fraction of the $335 billion that is on loan to more than two dozen Latin American countries. The biggest debtors are Brazil ($96 billion) and Mexico ($85 billion). Both are chafing under IMF-imposed austerity programs that have slowed down their economies. Mexico reported last week that its national output fell 4.7% in 1983, the worst performance in more than 50 years. Brazil's production dropped...