Word: trichet
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Dates: during 1980-1989
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...World debtors, like Brazil (foreign debt: $110 billion), that have nonetheless managed to lend money to other developing nations. In the past four years alone, the Paris Club has been able to reschedule more than $63 billion worth of uncollectible obligations. The volume of rescheduled debt, says Jean-Claude Trichet, the sharp-eyed Cabinet director of France's Finance Ministry, "shows that we are living in dangerous times...
...Trichet, 44, should know. His official job is chief domestic policy aide to French Finance Minister Edouard Balladur. But Trichet also presides over Paris Club affairs from behind his Louis XV desk in a spacious office overlooking the Louvre gardens. So far this year, representatives of 13 countries have come to Trichet to request rescheduling discussions. Among the visitors: Brazil, Argentina and Egypt. The previous record for the club was in 1985, when 17 countries renegotiated their debts, five of them twice...
...also belong. Then, to convince the club that they are truly unable to pay back outstanding loans, petitioners must do a virtual striptease, disclosing their most sensitive financial data. "One of the unwritten rules is that the confidentiality of a debtor country's economic and financial statistics is sacrosanct," Trichet explains...
...First Boston International in New York City: "Only if commodity prices rise faster than interest rates can Latin America make it." In other words, Jean-Pierre Marlet at the Club de Paris may be getting more misdialed calls than usual this year, and over at the Louvre, Jean-Claude Trichet may be working harder than ever...
Western Europe's heavily state-influenced economies provide perhaps the clearest example among industrialized countries that more government control does not promote faster development. "Europe has been growing desperately slowly," says Jean-Claude Trichet, chief of staff of France's Ministry of Economy, Finance and Privatization. The Continent has been slow to adapt or innovate as economic events moved rapidly, a condition that was dubbed Eurosclerosis. Its experience with high-technology projects, like the Anglo- French Concorde supersonic jet and the national French computer program, have been costly disappointments...