Uganda, Mozambique and Zambia may soon do the same, he said, but China backed away from doing so for fear of American trade retaliation.
A drop in the company's credit rating could also prompt other energy traders and producers to back away from doing business with Enron, hurting the company's sales and profits.
In such circumstances, and with the unemployment rate still above seven per cent (and the labor-force participation rate at a historic low), it's no surprise the Fed has backed away from doing anything that might cause mortgage rates to rise, such as "tapering" its asset purchases.
Last Friday, as other energy traders increasingly backed away from doing business with Enron and executives were faced with potential credit-rating downgrades that could have led to a shutdown of its primary trading business, Enron agreed to be acquired by Dynegy Inc., its smaller crosstown rival, for $9 billion.
"My job is to try to help them think clearly about the problems they face," James said, "and backing away from the problem does have some value.
"With Earls Court, as you know - and this isn't me backing away from what was done - the planning was led by CapCo across the masterplan area," Craig points out.
I had tried to soften my lie in the cowardly way I have of backing away from things I do or say in a blackout.
Whenever backing away from a bear, do so facing the bear so that you can continue to watch the bear.
And while France is increasing its military spending, Germany is backing away from its commitments to do more for European defence.
"What Najib is now doing is backing away from reforms to consolidate his power base," said Bridget Welsh, a Malaysia expert at Singapore Management University.
Many of the contentedly progressive would like to think that backing away from the strictures of religion has done our country a world of good.
