"It's been a challenging time for us, and while recently we've made great strides in strengthening our business, we had the restrictive borrowing conditions that were imposed by our senior lenders," Renee Hollinger, a spokeswoman at FAO, said yesterday.
The EC's senior economists said: "The central outlook [for Britain] envisages a marked fall in private consumption in 2009 and 2010, driven by more restrictive borrowing conditions and lower household wealth". Treasury officials refused to comment before this month's pre-budget report from chancellor Alistair Darling.
Leading figures are Italy, Spain, French Socialists, Greece and Portugal, who want less restrictive EU borrowing rules and greater flexibility to prop up their banks.
"Why would a small-business person borrow from a more restrictive loan program when he can still tap the special program that doesn't require any rigorous financial checks?" Mr. Okue said.
In which context I was struck recently by a remark made to me by an old Treasury friend, now retired, whom I had always regarded as the fount of orthodoxy and the "Treasury View" (that is, an ultra-cautious approach to spending and borrowing, and the introduction of restrictive measures at the slightest opportunity).
"In the old days there were restrictive covenants from banks … We can borrow immense amounts from senior lenders.
Borrowing for most everyone has turned restrictive and costly.
Dr. Hahn, an economist, noted that because of Brazil's restrictive lending policies, buyers in the late 2000s were prevented from borrowing beyond their means, unlike those in the United States and elsewhere.
The Center for Constitutional Rights has asked the court to order the BOP to implement meaningful procedures at the CMUs, borrowing from those they already use at other restrictive units like the Special Management Units.
According to the League's website, the collaboration of networks hopes to act as "emergency broadcast system" to spread awareness, borrowing from the methodology that effectively killed these restrictive bills.
Schwarzenegger won the legislative vote to put his measures on the ballot, but only after he compromised significantly with Democrats, replacing the spending cap that Republicans wanted with a much less restrictive balanced-budget amendment that would limit, though not prohibit, future borrowing.
