June 20, 2012 |
WASHINGTON - As Europe's problems dragged down the Federal Reserve's economic outlook for the U.S., the central bank took a modest step to boost the lagging recovery - and signaled it was ready to do more. "We are hoping for the best," Fed Chairman Ben S. Bernanke said Wednesday of attempts by European leaders to ease their debt crisis. "But we are prepared, in case things get worse, to protect the U.S. economy and the U.S. financial system. " The Fed, worried about a spillover from Europe, sharply lowered its forecast for economic growth in the U.S. this year and projected that unemployment could remain near 8% through 2014.
December 20, 1988 |
At least 650,000 children died needlessly last year, partly as a result of the economic crisis in Africa, Latin America and the Caribbean, the U.N. Children's Fund said in its annual report. Crushing debt has forced many developing nations to cut social spending, overshadowing the progress most nations made in the last decade in fostering better health and education for children and their parents, James P. Grant, UNICEF executive director, said in the report, "The State of the World's Children."
November 30, 1989 |
Alan Bond's debt crisis worsened today as shares of a subsidiary hit a record low and it was reported that bankers are becoming increasingly restive about their massive loans to his brewing and media empire. Growing uncertainty about his company's plans to solve its problems by selling a half share in its Australian breweries pushed shares in his Bell Resources Ltd. to an all-time low.
September 11, 2003 |
Argentine officials have reached an agreement with the International Monetary Fund to roll over $12 billion in debt, the government said Wednesday, easing a two-year debt crisis that helped bring down three presidents. Argentina became a pariah to the international financial community when its spiraling debt and banking crisis forced President Fernando de la Rua from power in December 2001 and forced it to declare itself in default on $103 billion in public debt.
October 21, 1985 |
French President Francois Mitterrand has used his first trip to South America to pledge France's firm backing for young democracies threatened by spiraling foreign debt. Both in Brazil, where his weeklong tour began, and in Colombia, where it ended Sunday, Mitterrand hammered home his view that the fate of creditor and debtor nations was closely linked and that a solution was possible only by sharing the burden.
June 12, 1987 |
In a matter of weeks, the whole shaky structure cobbled together since 1982 to deal with the Third World debt crisis came tumbling down. The collapse began on May 19, when New York's Citicorp, the nation's largest banking company, announced that it was setting aside a staggering $3 billion in preparation for losses on its $15 billion in loans to ailing Third World borrowers. It continued through this week, when BankAmerica Corp., First Interstate Bancorp and Chemical New York Corp.
September 27, 1985 |
When First Lady Nancy Reagan delivered a $1-million check to Mexico after last week's giant earthquakes, officials welcomed the gift as a symbol of international support for this shattered capital. More skeptical observers, however, saw the donation instead as a symbol of Mexico's shattered economy: The $1 million, they muttered in private, equals about an hour's-worth of interest on Mexico's growing foreign debt.
October 2, 1985 |
Treasury Secretary James A. Baker III held a secret meeting with top officials of five major U.S. banks and Federal Reserve Board Chairman Paul A. Volcker in Washington on Tuesday evening amid wide speculation that Baker discussed his plan to give the World Bank a larger role in managing the world debt crisis. Baker also was believed to have asked the banks to make fresh new loans to debtor nations to help them pay off existing debts and finance economic growth.
March 21, 1988 |
The Reagan Administration believes that the debtor countries' strongest economic weapon, the debt moratorium, has been tried and discredited, U.S. government officials said on Sunday. The officials, attending the annual meeting of the Inter-American Development Bank, said they believed that the debt crisis had turned a critical corner and that the strategy unveiled by Treasury Secretary James Baker 2 1/2 years ago and refined since had been more successful than was generally recognized.
September 10, 1987 |
Remember that old line about the national debt? That it didn't matter how big it got because it's just money we owe to ourselves? Well, tonight's "CBS Reports: The In-the-Red Blues" (10 p.m., Channels 2 and 8) destroys that common economic fallacy by showing how America's national borrowing binge has created yet another new crisis: the debt crisis.