Word: planning
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Dates: during 1980-1989
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Jaruzelski did not reject outright the idea of a Solidarity government, but, according to Walesa, preferred to press ahead with a plan to form a Communist- led coalition. Jaruzelski "must take on all the responsibility for the formation of a new government," said Walesa. "For my part, I intend to form a shadow cabinet to prepare for the measures that sooner or later will become inevitable." In fact, Walesa created a 15-member shadow cabinet last December; its role then was to formulate the trade union's position in preparation for so-called round-table talks that...
...expected to name Rakowski's replacement as Prime Minister this week. The government leader's most immediate project will be the lifting of a month-long wage and price freeze and the introduction of free-market prices for foodstuffs, measures that are also expected this week. The price plan, which was drawn up by Rakowski himself, met with strong opposition from the Communist Party, and with some reason. Over the past 20 years, food-price increases have triggered strikes, demonstrations and, in 1980, the formation of Solidarity...
...accord is the first concrete result of U.S. Treasury Secretary Nicholas Brady's four-month campaign to break the impasse on Third World debt by persuading commercial banks to accept some cuts in the principal or interest rates of their loans. Brady's predecessor, James Baker, whose 1985 debt plan provided for no such relief, had failed to ease the problem. With the Mexican accord in hand, Brady hopes that similar agreements between the banks and other developing countries may soon be worked...
...ranged from 9% to 14% and is currently 9.5%) to a fixed level of 6.25%, or provide a 25% increase in credit over the next four years. The 15 commercial institutions that took part in the negotiations hold the majority of Mexico's commercial-bank debt. But for the plan to be effective, the banks will have the tough task of persuading 500 of their smaller brethren, which carry the rest of the debt, to go along...
...told, the plan may provide Mexico with about $4 billion in loan reductions, $6 billion in interest-rate reductions and $2.5 billion in new credits. That is much less than the 55% debt relief, or $29.7 billion, that Mexico originally asked for. Under the new agreement, "we shall not see spectacular results from night to morning," Salinas acknowledged in his broadcast. But the agreement produced an almost immediate benefit in restoring some confidence in Mexico's financial stability. Domestic interest rates, which had risen to 56% this year, have fallen 20 percentage points in the past three weeks because financiers...