Word: stopgaps
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Fully developing Brazil's natural resources will take more time and money, two things in short supply as long as international creditors are besieging the country. Even if the IMF comes through with more loans, they will be only a stopgap. Brazilian officials are convinced that the only salvation is a fundamental restructuring of their debt. The average maturity of most loans was eight years, and 22% of the debt was due this year. The bulk of this load must be replaced, the experts argue, with long-term credit stretching over 15 to 20 years at reduced interest rates...
...Reich says this will never happen. A depressed economy, he predicts, will force politicians to take stopgap measures to halt the erosion. In fact, politicians have already started on this road, instituting barriers to trade such as higher tariffs and measures like the domestic content bill. If the U.S. does not begin to work out a coherent industrial and trade policy, Reich envisions, the country will head down the projectionist path to world economic ruin...
...House of Representatives approved a bill last Wednesday that would allocate $1 billion over the next five years to improving math and science teaching in the public schools through grants to states and local school districts. Though the measure is stopgap in itself, its strength lies in a provision that designates $50 million in scholarships over the next two years for students who plan to go on to teach in either math or science. Such an approach at least attempts to make teaching more lucrative--in the long run the only way to replenish the profession's depleted ranks. Officials...
...other U.S. manufacturers, it has not been able to solve the manufacturing and financial equations of small cars. Design problems helped doom the Corvair in the 1960s and the Vega in the 1970s. The rear-wheel-drive Chevette, introduced in 1975, is obsolete and overdue for replacement. As a stopgap, GM has been planning to import 200,000 subcompacts made by Isuzu starting next year, and there are tentative plans to bring in up to 80,000 smaller minicars from Suzuki Motor Co. So far, the giant automaker has not announced any change in its intentions...
...major industrial nations should greatly increase their contributions to the International Monetary Fund, which makes loans to countries having balance of payments difficulties. Until more fundamental solutions can be found for the mounting debt distress of developing nations, increased IMF lending will apparently have to serve as a stopgap...