Word: relending
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Dates: during 1960-1969
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...years since he became president of the World Bank, rangy Eugene Black, 64, has capitalized on a unique blend of financial acuteness and infectious Southern charm to borrow some $2 billion from private investors and relend it to backward nations for carefully chosen investment projects. In the process, the international financial community has come to think of the World Bank (official title: the International Bank for Reconstruction and Development) as "Gene Black's bank." This week, with Black close to the mandatory retirement age, the bank's 18 executive directors will name a new boss for Gene Black...
Today, an estimated three billion Eurodollars circulate through Europe's banking community. German, Dutch or Swiss banks that are rich in foreign reserves regularly deposit their dollars in London-which already seems destined to become the financial capital of the Common Market. London banks, in turn, relend the Eurodollars in Italy and Japan, where interest rates on foreign trade credits are particularly high. U.S. branch banks in Europe, eager to get into the profitable trade, have begun to court Eurodollar deposits by paying higher interest rates on them than is permissible...