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Starved of new credit, companies and consumers across the developing world are struggling desperately to pay loans coming due.
"Because students don't earn enough to pay loans back, the actual value of the asset is much less than predicted.
By the terms of the previously agreed deal Greece is owed €7.2 billion, which it needs to pay loans as they come due and to meet domestic obligations.
Through arrangements with merchants in small towns, mobile phones can also be used to pay loans, make deposits and get cash, saving time and money.
In announcing its moves on Thursday, CIT said a "protracted disruption" in the credit markets and ratings downgrades meant that it could no longer secure short-term debt financing to pay loans.
To cover their living costs, students would get a mixture of loans and grants, depending on their parents' income, and would pay loans back in the same way as they do at the moment, through the tax system.
Similar(38)
For his working capital, to buy the fruit he sells, he used to pay loan sharks 1% a day.
Virtually all of the pick-a-pay loans were for less than 80percentt of the appraised value of the home, and the average was just 71percentt.
The new Wells Fargo quarterly report paints a sad picture of the portfolio of "pick-a-pay" loans that World and Wachovia originated.
(Disclosure: the pick-a-pay loans were made by Golden West Financial, which was sold to Wachovia in 2006 by Herb and Marion Sandler, the principal financial backers of ProPublica).
In all, more than 70percentt of the pick-a-pay loans are in California, Arizona or Florida, three states where prices rose the fastest during the boom and have since fallen the most.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com