Word: creditors
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...American debt crisis first struck in August 1982, it seemed like a virulent fever that might quickly overwhelm the world financial system. Instead, it turned out to be more like a chronic ailment that flares up or recedes by turn but is always maddeningly present. When representatives of both creditor and debtor nations came together in Washington last week for meetings of the policymaking committees of the International Monetary Fund and the World Bank, the persistent debt dilemma was at the top of the agenda. Fears are rising once again about the financial condition of Brazil and Argentina, as well...
...nations to control the economies of poor nations." The fund has been particularly unpopular in Sudan, where a military coup toppled the government three weeks ago. Before his overthrow, President Gaafar Nimeiri had been unable to fashion an economic program that satisfied the IMF. As a result, aid from creditor nations was cut off, and a lack of foreign currency led to shortages of bread and petroleum. When prices of these precious commodities jumped, crowds took to the streets shouting, "We will not be ruled...
RESCUE THE IMF AND WORLD BANK. They have the experience and technical sophistication to play an important role. They have the internal motivation of a highly professional staff. Yet they have been used like debt-collection agencies for the big creditor countries. It's time to restore their role in helping all 182 of their member countries, not just the rich ones, in the pursuit of enlightened globalization...
...that at the time. Sala has been indicted along with two other Milan-based Bank of America bankers. One of them, Antonio Luzi, told magistrates how Sala had given him a total of $900,000 on three separate occasions. Bank of America says that, as Parmalat's second biggest creditor, it is one of the parties most damaged by the fraud--and that it had "absolutely no role in disguising Parmalat's true financial condition." Sala and Luzi were not reachable for comment...
...count on was the popularity of discount airlines. Hence, in 2003, after eight full years of operations, Eurotunnel counted just 6.3 million passengers and 1.7 million tons of freight, and posted a €1.9 billion loss. The income shortfall has left the company scarcely able to honor payments to creditor banks, much less post profits or pay dividends. Financial aid from the British or French governments is explicitly prohibited in the 1986 treaty founding the project. "Without a doubt, the Channel Tunnel would not have been built if we'd known about these problems," lamented Eurotunnel's now-evicted...