Word: planned
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Dates: during 1980-1989
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...help ease the burden on some borrowers while maintaining the confidence, and therefore the cooperation, of lenders. Announced by Treasury Secretary Nicholas Brady in March and endorsed by the World Bank and the International Monetary Fund, as well as at the economic summit in Paris last week, the plan calls for "reducing" -- in fact, forgiving -- some principal and interest, thus freeing borrowers' resources for growth. The banks end up holding IOUs that have a lower face value but a higher chance of being repaid. The increased prospect of the debtor nations' economic and political stability becomes reassuring collateral...
...first test case for the Brady plan is appropriately Mexico, whose economic distress is fully matched both by its strategic significance to the U.S. and by the avowed commitment of its leadership to reform. Mexico has drastically cut spending and started selling inefficient state enterprises. Still, the economy is stagnant. No wonder. The equivalent of about $13 billion a year that might otherwise go to internal investment or the purchase of imports is being siphoned off to service Mexico's nearly $100 billion debt. Under quiet prodding from Washington, the Mexican government and a consortium of international banks have been...
Welcome as the Brady plan is, it may end up being foiled for the most ironic of reasons: the U.S.'s mismanagement of its own economy. Under the arch- Republican Ronald Reagan, the U.S. spent so much more than it collected in revenues that it became the world's No. 1 debtor. Says C. Fred Bergsten, the director of the Institute for International Economics in Washington: "The richest country in the world is competing with the poorest for the pool of available capital. American indebtedness tends to drive up U.S. interest rates, which in turn drives up the cost...
...long history of public opposition to betting on games, and its commissioner, Pete Rozelle, sent a letter to the Oregon governor, stating his objections to that state's gambling plan. Jim Heffernan, the league's spokesperson, says that it would not be surprising if the NFL took similar actions if Massachusetts appeared close to adopting a state-wide betting scheme...
...desires, hypocritical or not, should be irrelevant to the Legislature's deliberations. The league has no power to prevent the state from implementing the plan, and state representatives, when they return from recess in the fall, should see the plan for what it is: a sensible attempt both to raise money and to reduce the income of organized crime...