December 26, 1989 |
Debts of East European and Third World countries are due to rise next year despite the plan of Treasury Secretary Nicholas F. Brady to ease some of the heaviest burdens on debtor countries. "When you have a vibrant, growing economy--like Indonesia, for example--debt can be a good thing if it doesn't grow too fast," John M. Underwood of the World Bank said. "It's a sign that foreigners have confidence that it's a good place to put their money."
October 27, 1989 |
President Bush's trip to Costa Rica today is expected to be buoyed by a surprise development--the announcement of a major debt-reduction package for that nation under a Third World debt-relief plan outlined by U.S. Treasury Secretary Nicholas F. Brady. Although details were still being ironed out Thursday, negotiators for Costa Rica and about 250 commercial banks were reported to have agreed in principle on a plan that would significantly pare back the estimated $1.
September 24, 1989 |
The annual report of the International Monetary Fund has never been a real spellbinder, but this year its authors may have outdone themselves: The volume is so lackluster that even veteran IMF watchers had difficulty spotting anything new. Inadvertently, perhaps, the lapse may be symbolic. Only a few years ago, the 152-country IMF was a major force in global economic policy-making, at the center of efforts to manage the global debt problem.
September 18, 1989 |
Third World debtors had to pay $50.1 billion more to service their debts to the United States and other creditors last year than they received in new loans--a major drain on their already cash-strapped economies--the World Bank reported Sunday. The figure, contained in the bank's annual report and made public before its annual meeting here Sept. 23, was almost a third larger than in 1987, when the net pay-back totaled $38.3 billion.
August 2, 1989 |
Pirated copies of computer software were pulled off store shelves Tuesday as a copyright protection agreement took effect between the United States and Indonesia. The price of an edition of Lotus Development Corp. software shot up overnight from $1.50 for a bogus copy to $422 for the Cambridge, Mass., manufacturer's original version.
July 14, 1989 |
It is billed as the 15th annual economic summit of the leaders of the seven largest industrial democracies, but this year's session, on Saturday and Sunday, is likely to focus more on environmental issues than the economy. Although there are plenty of international economic problems for the leaders to grapple with, President Bush and the leaders of the six other nations lack both the money and the political will to do much about them.
June 30, 1989 |
The Bush Administration is considering canceling as much as $1 billion in debt owed to the United States by poor sub-Saharan African countries as part of a package to be unveiled during the annual seven-nation economic summit in Paris on July 15 and 16. The plan, still under discussion within the Administration and with congressional leaders, would affect the debt that these countries owe under various U.S. foreign aid programs. Washington either would forgive the debts entirely or allow the countries to repay in local currencies.