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One critical step, Mr. El-Erian said, is for government to ease refinancing rules for homeowners who remain current on their payments but do not meet borrowing criteria.
Shares of Global Crossing Ltd. rose nearly 38percentt yesterday after the company, a fiber optic network operator, said it had received more time from bank lenders to meet borrowing conditions.
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With no crop in production, he sold wood to make ends meet, borrowed money from his mother and relied on friends for food.
"Pledges on meeting borrowing reduction targets, on reversing years of decline to Scotland's defence footprint and on reforming the House of Lords - to name but a few - have all been abandoned".
Last year alone, Mr. Zeck auctioned off $5.5 trillion of Treasury securities, to replace maturing debt and to meet new borrowing needs.
As things stand, it may be tough for the government to meet its borrowing target for 2016-17.
Chote was sceptical that the cut in growth will necessarily mean the government will not meet its borrowing forecasts.
One senior figure predicts that Mr Osborne will struggle to meet his borrowing targets, amid what may well be sluggish global growth.
In many cases such internal lending has been designed more to minimise tax bills than to meet internal borrowing needs with a multinational group.
After years of consolidation, there are only a few banks that can meet the borrowing needs of big domestic and global corporations.
As a result, we continue to think that the government will struggle to meet its borrowing forecasts this year and in the future.
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