TERMIUM Plus^®

Record 1,  Textual support,  English

Record number: 1, Textual support number: 1 CONT

Wharton is a powerful symbol of where our country went wrong in the 1980s. It was here at Wharton that Michael Milken got the idea to use junk bonds to leverage corporate buyouts -- a quick-buck scheme that was supposed to shake up failed management but too often forced corporations to lay off workers in formerly profitable plants, reduce R&D, and ultimately to go bankrupt or sell out again under the crushing burden of unserviceable debt.  2, record 1, English, - unserviceable%20debt

Record number: 1, Textual support number: 2 CONT

Even the stronger enterprises were not immune from the problem of unserviceable debt as the state had in the past arbitrarily absorbed their profits and forced them to build up a large stock of debt.  3, record 1, English, - unserviceable%20debt

Record number: 1, Textual support number: 3 CONT

Total Third World debt is in the hundreds of billions, piled up under the auspices of the World Bank and sister agencies when they were attempting to impose their brand of global statism on any country desperate or corrupt enough to accept the money. The majority of these loans are unlikely to be repaid, especially those to the poorest nations. This creates a problem for the people who run the World Bank, a band of bureaucrats who for years claimed that their lending practices were sound and that their loan default rates were low. What the loans did, aside from provide tax-free employment opportunities for thousands of World Bank credit officers, was create scores of nations with large, unserviceable debt burdens.  3, record 1, English, - unserviceable%20debt

Record 1,  Textual support,  French

Record 1,  Textual support,  Spanish