Word: third world
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...ideal world, the mass market's appetites for fiction would be satisfied by the likes of Mrs. Randall; it's conservatively written without being dull, covers almost as much territory as a Michener novel, is shorter, and won't make a literate reader cringe every third page...
...University of Texas-educated lawyer is facing some of his greatest challenges since he became Treasury Secretary in 1985. Baker, 57, is seeing many of his initiatives -- on worldwide economic growth, Third World debt and the alignment of currencies -- stymied. As a result, his aura of achievement has lost some of its luster. Says Byron Wien, chief domestic- portfolio strategist at the Morgan Stanley investment firm: "The initial enthusiasm for Baker and his initiatives has dissipated. We all hope he'll get his second wind...
Baker arrived at his Treasury assignment with a reputation as the Administration's Great Persuader, earned during four successful years as White House chief of staff. He carried on in the same vein, altering the confrontational tone of his predecessor (and successor as chief of staff) Donald Regan. On Third World debt issues, for example, Regan had preached the hard-nosed gospel of austerity for debtor nations. Baker soon changed that with his celebrated proposal for debt relief through renewed economic growth, to be fueled in part by some $20 billion in additional loans from commercial banks...
Baker appeared to undergo another setback with last month's decision of major U.S. banks, led by Citicorp, to write off sizable portions of their < Third World loan portfolios. As a result of that move, many economics experts now think the so-called Baker Plan for developing economies is essentially dead. The Treasury Secretary, however, remains sanguine. He lauded Citicorp's debt write-off, for example, as a "positive" step. One reason: the approach reduces the likelihood of wholesale default by debtor nations...
...protectionism, which is beginning to cast a dangerous pall over world trade. Another summit priority will be taking further steps to ease the international debt crisis, which is simmering once again with the decision by Citicorp and other big U.S. banks to set aside billions of dollars for anticipated Third World loan losses...