Word: moneymen
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...Argentina and Colombia complained that the interest rates they are being charged have reached intolerable levels. Said the four: "We do not accept seeing ourselves forced into a situation of insolvency and continuous economic crisis." While some American bankers insist that the formation of a cartel is unlikely, other moneymen remain fearful...
...Bank had to dip deep into the largest rescue fund ever arranged for a U.S. lender. In Washington, D.C., World Bank officials warned that the latest jump in American interest rates will add $1.25 billion a year to the Third World's already crushing debt. In Paris, European moneymen lashed out at rising U.S. borrowing costs. On both sides of the Atlantic last week, such concerns were sending shock waves through the money world. Said Bank Analyst Stephen Berman of L.F. Rothschild, Unterberg, Towbin: "The U.S. banking system is suffering from a crisis of confidence...
...troubled borrowers to repay their debts. Reason: the rates they pay generally fluctuate with the prime. Among those hardest hit by the rising interest costs have been Latin American and other developing nations, which owe a staggering $810 billion to Western lenders. To keep the borrowers from defaulting, some moneymen, including Chairman Volcker, have suggested that banks consider placing a cap on the interest on their Third World loans...
...session, he told the bankers that if they did not put up $5 billion in new money for Mexico and $1.5 billion for Argentina, the IMF would not approve rescue programs for those countries, further jeopardizing chances of the banks' getting back any part of their money. The moneymen were stunned...
...central bank will raise rates if the money supply rises significantly above its targets. But he seems unperturbed about the sudden growth in the G.N.P., saying, "I'm somewhat surprised at the strength of the economy but will be terribly concerned only if growth reaches 10%." This week moneymen and the financial markets will be peering at the Federal Reserve meeting in the hope of getting a hint about future interest-rate trends...