Word: mexicanization
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Dates: during 1980-1989
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Some of the smaller regional U.S. banks that have ventured into the foreign market are also vulnerable, particularly those in Southwestern states that have extensive dealings across the border. The Valley National Bank of Arizona, for example, has Mexican loans totaling 60% of its equity; at Texas Commerce Bank in Houston the figure...
Much of the U.S. loan money has gone not to governments but to private borrowers - in Mexico, 47% of the total- and the debtors include many companies in financial difficulty. Last year Mexican companies missed $600 million in interest payments to American banks...
Clearly, many regional banks are growing restless about maintaining their loans, much less issuing new ones. Says the president of a small bank in upstate New York, which has a $3 million loan out to the Mexican state-owned oil company: "When that loan matures, it will not be renewed. We had no business getting in there in the first place...
...half of a $1.85 billion short-term loan put up by the Bank for International Settlements (Bis) in Basel, Switzerland, the so-called central banks' central bank and the keeper of international lending statistics. This was closely followed by an IMF announcement that it had approved a Mexican adjustment plan and would extend a new credit of $3.9 billion. But the commercial banks were not happy over the IMF's conditions that they increase their lending by 7%, or $5 billion. Before agreement could be reached, increasingly worried bankers began to realize that Brazil, long regarded as most...
...German, Mexican, Polish and Norwegian sidewinders proliferated in the pros in the 1960s and '70s until Americans got the knack. In 1966 Cypriot Garo Yepremian's brother wrote to tell him about the land of milk and honey, and the soccer-style pioneer, Hungarian Pete Gogolak. Garo, a humble tiemaker, left home immediately to be a famous tie breaker. "The next thing I knew, I was a Detroit Lion," recalls Yepremian, who would serve four N.F.L. teams. "The first game I ever saw was in Baltimore against the Colts. I kicked off." Before the game, Yepremian...