Word: debt
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...personal call at the White House on Nov. 22, 1932 - only to find Hoover's Treasury Secretary on hand to help the outgoing President deliver a lecture on the importance of the gold standard, the stability of the banking system and the problem of Europe's war debt. When it was over, Hoover judged Roosevelt to be "amiable, pleasant ... very badly informed and of comparably little vision." (See pictures of election drama...
...with the U.S. economy entering recession, gamblers in Las Vegas are growing more reluctant to part with their money. Las Vegas Sands has also been grappling with an unexpected problem: China's government is increasingly alarmed by the profligacy and gambling debt of its citizens. China recently imposed visa restrictions on mainland tourists to Macau, reducing the anticipated cash flow from Las Vegas Sands' Asia operations. According to Daniel Renshaw, a Sydney-based gaming analyst with Merrill Lynch, these twin challenges will be difficult to surmount. "They are relying on an increase in revenue in Las Vegas and Macau over...
...important for the economic diversification of Singapore, which is overwhelmingly dependent on electronics exports and trans-shipping, for it to collapse. The Singapore Tourism Board may step in either with an infusion of cash or an agreement to assume a sizable chunk of the troubled casino operator's debt. "We are working closely and are in dialogue with Marina Bay Sands [Las Vegas Sands' Singapore subsidiary] to facilitate the completion of the project," says Margaret Teo, Assistant CEO of the Singapore Tourism Board. She declined to provide further financial details...
...announced a $1.5 billion rights issue to bolster its finances. Two days later Austria's Erste Bank turned to the state for $3.5 billion, in part because of problems with its banking operations in Eastern Europe. In addition to Ukraine and Hungary, which holds high levels of debt in foreign currencies, Bulgaria, Romania and the Baltic states have all been cited as potential candidates for rescue packages down the road. No bank operating in the region is immune. "This is a systemic crisis where everything gets sold," says Simon Maughan, an analyst at brokerage MF Global in London. "It doesn...
Beyond seeking short-term bailouts, governments need to find ways to pay off their foreign debt - by increasing exports, reducing imports, or both. They also need to cut spending drastically: Hungary is looking at up to $1.4 billion in cuts in order to qualify for the IMF bailout...