Word: third world
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Much of her energy is given to fund raising. The hospice charges no fees, and only one-third of the (pounds)3 million (roughly $5 million) annual budget comes from the government-run National Health Service. Once a world traveler, she now stays close to home so that she can minister to her ailing 87-year-old husband, Polish Artist Marian Bohusz-Szyszko. She has always studiously avoided the spotlight cast on her more famous contemporary, Elisabeth Kubler- Ross, the author of On Death and Dying. "I am not a cult figure," she once angrily told an adoring American...
Though not as sick as the S and L business, the commercial-banking industry has major difficulties all its own. Chief among them is the seemingly never ending saga of Third World debt. The ten largest banks have more than $50 billion on loan to developing countries. This sum amounts to roughly 100% of their shareholders' equity; if all the loans went into default, the banks' capital would be wiped...
...waiting for disaster to hit, U.S. banks are making substantial progress in reducing their vulnerability to Third World debt. The banks have raised new capital, set aside billions of dollars in reserves to cover possible losses, and sold off some of their shakier loans to investors at deep discounts. Chase Manhattan, for example, has trimmed its Third World loan portfolio in the past year from $6.7 billion to $6.5 billion. Since the bank's capital has been rising, its loans to developing countries have been reduced from 185% of shareholders' equity in 1987 to 150% today...
...your own money in your business as possible," complains a bank regulator. Repaying the debt from LBOs could prove particularly difficult during an economic downturn. Already the 21 top American banks hold an estimated $17 billion in LBO loans, or just under one-fourth of their exposure to Third World loans. First Chicago's LBO portfolio amounts to 55% of shareholder equity. Says a former executive at a major bank: "If the crunch comes, it will be from LBO debt, not Third World debt...
...miles from the convention center. They were closer to the action in New Orleans, but many complained that the hotels assigned by the Republicans were second-rate and sometimes downright seedy. Alejandro Rodrigo, an Argentine working for Italy's ANSA news agency, described them as "below Third World standards...