Word: moneymen
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Moreover, Argentina is one of the biggest borrowers on world money markets, owing about $34 billion, and it does not want to lose its credit rating with international moneymen. Just after the crisis started, a team of the country's bankers flew to the U.S., where their country owes $9.2 billion, to reassure ten American banks. The U.S. officials listened politely, but remained nervous nonetheless. Said one financier, whose bank is owed more than $1 billion: "The longer this crisis goes on, the worse things are going...
...failures of two of America's 500 largest industrial firms did not shake the financial markets or Wall Street. Moneymen have been expecting some corporate bankruptcies. Only two weeks ago, Commerce Secretary Malcolm Baldrige said that he would not be surprised to see one or two major companies suddenly fail. Moreover, last week's casualties are not likely to be the last during the current recession. A number of equally large firms in industries such as airlines, metals, retailing, auto supply, farm equipment and housing remain on the critical list...
...Western moneymen are confident that they will be able to handle the problems of fewer petrodollars and new OPEC borrowing. They point out that the principal and interest due this year on all bonds issued in the European market will come to $24 billion, which dwarfs the amount of OPEC borrowing. Moreover, the $1.5 trillion Euromarket is no longer as dependent upon OPEC money as it once was. While most of its new funds were previously supplied by the oil producers, the market is now so large that it can satisfy most of its new capital needs. Finally, the deep...
...force the Soviet Union to increase gold sales to raise cash. The Soviets have already sold roughly 300 tons of the metal to obtain about $3.5 billion. The Kremlin is using the proceeds to pay for food and other imports, and to aid its satellite countries. Meanwhile, Western moneymen, who used to help the Communist world get out of such economic troubles, are on an extended bank holiday...
...rules may also be slowing down the start of IRAs. Investors can open an account any time before April 15, 1983, and still get all the tax benefits for this year. Moneymen believe some savers are putting off opening an IRA until later...