with the European Central Bank, were fooling no one. What they had to do was to face about and come clean by admitting the obvious.In October 2011, a solid step in this direction was made by requiring a modest sacrifice from the bondholders. The gang of reckless ba[r]
Other economists argued that international organizations should take a more active role inthe recycling efforts and warned that the U.S. government would be forced to bail out anyU.S. banking organizations that failed.17Congress held hearings on the LDC issue in 1975 and expressed concern abo[r]
BoxFINANCING CONDITIONS INDICES FOR THE EURO AREA Several international organisations and large fi nancial institutions have developed fi nancing conditions indices (FCIs).1 Isolating fi nancing conditions from monetary conditions is especially useful at the current juncture, which[r]
prior to the establishment of a monetary union in order to achieve an improved competitive position at the time of entry. The justification of inflation and budget convergence was the avoidance of an inflationary bias in the monetary uni[r]
wine-stained hands, Pantoulisadmits the journey has not beeneasy and the business will takeyears to become profitable. Buthe does not regret the move."Initially everyone thought I wascrazy to move back to my father'stown and take up winemaking,but now they too are seeing thatthe[r]
programme is temporary and is carried out in pursuit of the Eurosystem’s primary objective : medium-term price stability. Its goal is to ensure that adequate transmission of monetary policy continues, but without affecting its direction. To this end, purchases made under the<[r]
their access to funding for the first quarter of 2012. A new feature of this ad hoc question is to also consider access to retail funding, both short and long-term. In this regard, euro area banks also pointed to a challenging environment in the last quarter of<[r]
projected to grow by 1.7 per cent in 2012 and 2.1 per cent in 2013. e recovery from the earthquake and tsunami that hit the country in March 2011 was hampered by sup-ply chain disruptions in the fourth quarter caused by the ooding in ailand, a major supplier of[r]
Debt Distress 4. Debt distress is typically associated with (a) the accumulation of arrears on external debt service payments exceeding five percent of the external debt outstanding; (b) an application to the Paris Club for debt[r]
The U.S. Government maintains for-mal arrangements with numerous banksto maintain time deposits known ascompensating balances. These balancescompensate the banks for services pro-vided to the Federal Government, suchas maintaining zero-balance accountsfor the collection <[r]
-ri ties held by the pub lic as of Sep tem ber 30, 1999. FRBearn ings that ex ceed stat u tory amounts of sur plus es tab -lished for FRBs are paid to the Gov ern ment and are rec og -nized as non-exchange rev e nue. Those earn ings to taled$26.0 bil lion for the y[r]
DYNAMIC STORAGE ALLOCATION FOR CLASSES■459The operators new and delete were designed to create and destroy instances of a classdynamically. In this case, in addition to allocating memory, a suitable constructor mustbe called. Before releasing memory, the destructor must be calle[r]
procedures, including back-up systems and controls, are essential to ensure the continuing operation of the government’s debt management, maintain the integrity of the ownership records, and to provide full confidence to debt holders on the<[r]
The lack of developed markets for longterm fi nance has become an important and challenging issue in many developing economies. Since the global fi nancial crisis of 2008–09, this issue has become even more prominent in policy discussions. Having access to longterm funds allows governments and fi rm[r]
eas that include towns, villages andother places that are not part of an ur-ban area. The majority of these loansmature in excess of 25 years and are se-cured by the property of the borrower.Economic assistance loans provideeconomic assistance to sele[r]
Conversely, the U.S. investor would calculate a lower beta for a Swiss pharmaceuti-cal company than a Swiss investor. Both investors see lower risk abroad because ofthe less-than-perfect correlation between the two countries’ markets.If all investors held the world market portfo[r]
them appear to be warm and cuddly. Ivy Lee, probably the nation’sfirst real public relations professional, told the media that he wouldprovide about and on behalf of his clients: ‘‘prompt and accurateinformation concerning subjects which are of value and interest to thepub[r]
in a number of ways. First, it suggests that banks’ cost of funds are significantly higher thanusing the December ECB base rate (1 per cent) or 3-month Euribor (1.36 per cent) alone wouldsuggest. Intuitively, therefore, one might expect variable rates to be higher than tracker ra[r]
ernments.20Here are a few examples of financing side effects encountered in theinternational arena.We explain project finance in Chapter 25. It typically means very high debt ra-tios to start, with most or all of a project’s early cash flows committed to debt ser-vice. Eq[r]