Word: marketeers
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Dates: during 2000-2009
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...which a National Asset Management Agency (NAMA) would be created to remove the unpaid, property-linked debts from the banks' balance sheets. If approved by Parliament, which appears increasingly likely, NAMA would spend some $81 billion of taxpayer money to buy loans worth an estimated $70.5 billion at current market value. The so-called bad bank, as NAMA is sometimes called, will then manage the loans on behalf of the state for the next decade, by which time, the government assumes, the country's property market will have recovered. This assumption also explains the $10.5 billion markup...
...Lenihan says housing prices need only appreciate 10% over the next 10 years for NAMA to return a profit on its initial expenditure. But predicting what's around the corner is never easy - as Ireland knows only too well. According to NAMA's draft business plan, a "prolonged property market depression" or "sluggish economic growth" could result in the failure of the scheme. Despite the risks, proponents say it's the only way to ensure that Ireland's banks start lending again. But for residents bearing the brunt of the country's economic slump, NAMA is little more than...
...four policemen outside the Srinagar Central Jail; 10 days later, security forces say they killed two suspected terrorists, including a commander of Hizb-ul-Mujahedin, a group based in Pakistani Kashmir. On Sept. 28, CRPF killed three militants; a day later, three CRPF men were gunned down in a market in the town of Sopore...
...India's struggling farmers didn't see much shining in their own lives, and voted the BJP out. The unacknowledged reality was that the farms hadn't yet joined in India's economic boom. While GDP grew on average 5.7% a year between the launch of India's market reforms in 1991 and 2004, agriculture slumped along at just 2.9%. Indian farming had also become miserably inefficient. Each hectare of cultivated land in India produces half that grown in Thailand. "The government thought that after liberalization, agriculture would grow automatically, that money would go from industry" to the farms, says...
...power in 2004, Singh changed course and began an intensive effort to improve the lot of the nation's farmers. Between the 2003-04 and 2008-09 fiscal years, the central government's budget for agriculture quadrupled. Government schemes built rural roads to help farmers get their produce to market, forgave some of their debts and raised minimum purchase prices on cotton, rice and other crops. In 2005, policymakers launched the Bharat Nirman program, aimed at providing electricity, housing and irrigation systems to the country's farmers, and, a year later, the National Rural Employment Guarantee Scheme, which promised...