Word: trichet
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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...
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...