Word: creditors
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...main problem with a stretch-out of Brazilian loans is that it would be followed by pleas from other debt-laden countries, including Mexico, Poland, Argentina, Chile and Nigeria, for similar concessions. Brazil's difficulties are only part of a much larger global pattern, and the major creditor and debtor nations have yet to come up with a coherent long-range plan to ease the debt burden that is crippling the world economy. So far, temporary IMF bailouts on a case-by-case basis have only kept the international financial system lurching from crisis to crisis...
...back taxes, penalties and interest. Last week the Imperial Wizard, in the first formal step required under the federal Chapter 11 bankruptcy law, filed court papers listing the group's assets as about $14,800 and liabilities as $42,019, with the IRS as the largest creditor. The Invisible Empire now has 120 days in which to file a financial reorganization plan with the U.S. District Court in Baton Rouge...
...will fall to the U.S. Federal Reserve. It is the only central bank *capable, in the words of H. Johannes Witteveen, the former managing director of the IMF, "of creating the necessary liquidity." In effect, the Federal Reserve would have to pump in the dollars that a troubled U.S. creditor bank needed to survive, even to the point where it could fuel inflation in the U.S. Says Salomon Brothers...
...year's end, responses from Mexico's creditor banks to the IMF's earlier request for new loans were reported to be coming in at a fast clip, with about $4 billion of the needed extra $5 billion already pledged. The biggest banks, which have been masterminding the complex operation, were said to be confident that everything could be pulled together successfully, even though some smaller lenders in the U.S. and Western Europe were still seeking further assurances. Brazil's request for a new jumbo loan of $4.4 billion remained under consideration at New Year...
...only factor that has kept Western bankers from calling a default is that large loans would have to be written off. "If Zaïre were serious about sorting out its debt, it could be done in a matter of years," says one creditor. Explains a Western diplomat: "The Zaïrians are not worried about being a basket case. The elite always do well regardless of who is putting up the money...