Word: maceachen
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...times; Canada faces its worst economic slump since the 1930s. Unemployment stands at a post-Depression high of 10.2%, inflation is galloping along at 11.8%, and the prime rate is stuck at a crippling 18.25%. In an effort to check the growing sense of alarm, Finance Minister Allan MacEachen unveiled a new budget, his third in less than 18 months. But as Canadians studied his belt-tightening measures-and a projected deficit proportionately double that of the U.S.-few felt reassured. Said a Toronto stockbroker: "The government is bankrupt, literally and figuratively...
...effort to keep the Canadian dollar from slumping further, the Bank of Canada two weeks ago boosted its official bank lending rate to 21.24%, the highest such interest rate of any central bank in a major industrial country. Last week Finance Minister Allan MacEachen disclosed that the government is considering a new package of foreign borrowings beyond the $5.5 billion in standby credits now available. The funds would be used to help bolster the Canadian dollar on international markets...
Canada's investments in U.S. energy companies have been a major cause of weakness in the Canadian dollar because Canadian investors buying American stocks must first sell their own currency for American money. Finance Minister MacEachen last week again asked Canadian banks to stop shoveling out the financing loans so freely, but stronger action than that may eventually be needed to slow the takeover drive...
...interest rates, which he claimed had seriously jeopardized Italy's anti-inflation drive. The reticent Suzuki skillfully avoided drawing attention to himself-and thus escaped sharp criticism of his nation's selective, restrictive import policies and its aggressive overseas selling. Canada's Deputy Prime Minister MacEachen explained the reluctance of the conferees to publicly criticize Japan: "When you are extolling the virtues of free trade, it is hard to point a ringer at the people who have been so brilliantly successful...
Deciding on what he called "major surgery" in his 29-member Cabinet to help solve his problems, Trudeau bumped out two party veterans and added seven new faces, including two women. External Affairs Minister Allan MacEachen, a skillful party tactician, was transferred back to lead the currently disorganized Liberals in Parliament. In MacEachen's place, Trudeau appointed a rotund, voluble Newfoundlander named Donald Jamieson. His diplomatic experience is scant (his last post was Minister for Industry, Trade and Commerce), but Jamieson's known affection for the U.S. promises an improvement in the tone, at least, of U.S.-Canadian...