Word: third world
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...trim executive stepped up onto a rostrum in Manhattan. Soon the confirmation flashed around the world: the largest U.S. bank (1986 assets: $196.1 billion) had made an almost heretical break with the U.S. financial community's long-standing practices in handling its crushing burden of $62 billion in Third World debt. Reed declared that Citicorp intends to set aside, effective immediately, no less than $3 billion in additional reserves to cover loan losses on its $133 billion portfolio, bringing its total reserves to $5 billion. The drastic move will give Citicorp a net loss of $2.5 billion in revenues...
Citicorp's tough decision is intended to buttress the bank's financial statement, which until now has been steadily profitable (see chart). But the move could have a profoundly unsettling effect on the hundreds of other international banks and dozens of debtor countries involved in the five-year- old Third World debt standoff. At one stroke, Reed had admitted that Citicorp, and probably most other large banks as well, may never collect on major portions of the onerous Third World debt burden...
...Odear of High Point, N.C., traded down in life to be a full-time part of the birding world. Once the president and general manager of Wrangler jeans, Odear quit to make "one-third the money" running a birding company called Bob-O-Link and its phone service, the North American Rare Bird Alert. For $25 a year, subscribing birders are given a code name and the right to dial into a tape, changed as often as three times a day, listing the whereabouts of all known rarities in North America...
...wrong." Ernie said. "The U.S. doesn't sell decent aircraft to Third World countries. The Mirage is the only...
...this, I do not mean to conjure up some grand utopian scheme of world government. The political differences are too great, the economic interests too divergent to make such visions realistic. Instead, it seems wiser to begin by making more determined efforts to build durable forms of cooperation for particular problems, however, where there are strong mutual interests in doing so. Such structures have served us well in the past. In the field armaments, the nonproliferation treaty has held the rate of nuclear diffusion to one-third the level that President Kennedy predicted in 1961. In commerce, the General Agreement...