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Debt Relief

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NEWS
January 9, 2001
"Decisive action by the international community to eliminate poverty is both a moral imperative and a matter of vital self-interest. ... But debt relief is only one part of the equation. Increasingly, developing countries recognize the need to help themselves through better governance, conflict resolution, human development and the creation of a vibrant private sector. The international community must support these self-help efforts by providing enhanced opportunities for international trade and investment.
NEWS
May 30, 2003 | By Marie Clarke
This week, President Bush signed global AIDS legislation with the potential to help some of the poorest people in the world. But even if Congress fully funds the $3 billion a year called for in this legislation, it will do little good if African countries must continue to pay more than $14 billion every year in debt payments to wealthy nations instead of investing in the health of their own people. Luckily, a provision in the legislation championed by U.S. Sen. Rick Santorum would provide expanded debt relief to nations suffering under the twin burdens of debt and AIDS.
BUSINESS
April 24, 2016 | By Harold Brubaker, STAFF WRITER
Cabrini College, in Radnor, obtained a waiver of certain agreements with its bondholders after having failed in the year ended June 30 to meet a profitability requirement relative to the amount of money needed to make debt its payments. The school, which enrolled 2,253 in the current academic year, according to a report to bondholders, lost $8.4 million on operations in fisal 2015, up from a loss of $6.3 million the year before. It was the third consecutive year of operating losses.
NEWS
October 22, 2015
PEOPLE ARE SO desperate to get out of debt that they will believe anything and anyone promising relief. They often turn to debt-relief companies that promote plans that supposedly can solve their problems. But for many, not only does the relief not come but the steep cost of the plans - sometimes thousands of dollars - can dig them in deeper. Recently, the Federal Trade Commission announced a $7.9 million settlement with one debt-relief operation that the agency said scammed people with false promises.
NEWS
June 16, 2005 | By Chris Mondics and Steve Goldstein INQUIRER WASHINGTON BUREAU
Wipe the slate clean. That, in sum, is what members of Congress from the Philadelphia region say about debt relief for poor nations. The Live 8 concerts in Philadelphia, London, Berlin, Paris and Rome are aimed at persuading political leaders to lift billions of dollars in debt from poor nations, mostly in Africa. But as far as the region's congressional delegation is concerned, the concert performers will be preaching to the converted July 2 when they belt out support for debt relief outside the Philadelphia Museum of Art. In interviews, Republicans and Democrats alike, so often at odds over foreign and domestic issues, were of one accord, saying poor nations had no chance of moving forward without debt relief.
NEWS
November 19, 2015 | By Susan Snyder, Inquirer Staff Writer
The Art Institute of Philadelphia is among a network of for-profit colleges nationwide that will forgive nearly $103 million in student loans under a multistate settlement of complaints that the company used high-pressure tactics to enroll unqualified students. In Pennsylvania, 2,683 students stand to benefit from a total of more than $4 million in debt relief, said Pennsylvania Attorney General Kathleen G. Kane, whose office noted that 39 state attorneys general joined the settlement with Pittsburgh-based Education Management Corp., which enrolls more than 100,000 students online and at 110 locations in 32 states and Canada.
NEWS
March 24, 1995 | By Trudy Rubin
The whole Mideast peace process is being undermined by a quarrel between the White House and Congress over $275 million in debt relief for Jordan. That may sound like peanuts in such an oil-rich region. But the stakes involved are much bigger than Congress' hesitation to approve this amount, which President Clinton promised to Jordan's King Hussein after he made peace with Israel. What is really at issue is America's reputation in the Mideast, and whether it wants to retain its image as a world leader.
NEWS
February 20, 2004 | By Sudarsan Raghavan INQUIRER STAFF WRITER
Iraq and the Democratic Republic of Congo have something in common: billions of dollars in international loans that vanished into the coffers of their former dictators, Saddam Hussein and Mobutu Sese Seko. Iraq has seen much of its $116 billion debt erased after lobbying by former Secretary of State James Baker 3d. Now Africa advocates want to know why the United States can't lobby governments to reduce the debt owed by Congo and other African countries, which totals at least $333 billion.
BUSINESS
June 12, 1987 | From Inquirer Wire Services
The United Nations yesterday urged the leading industrial powers to grant partial debt relief to developing nations to help overcome an "unsustainable situation. " A study by the U.N. Division for Economic and Social Information predicted that world economic growth in the next two years would be "fragile" and said expansion was not happening fast enough to end high unemployment in the industrialized nations or raise the standard of living in most of the Third World. The study predicted that both developed and developing nations would have annual growth rates of between 2.5 percent and 3.5 percent in the next two years.
NEWS
June 26, 2005 | By Dwayne Campbell INQUIRER STAFF WRITER
Habib Boole is planning to join up to a million people expected to gather on the Benjamin Franklin Parkway for the Live 8 concert on Saturday. The show, featuring a diverse lineup of musicians such as Sarah McLachlan, Maroon 5, P. Diddy and Destiny's Child, hopes to raise awareness about extreme poverty and the need for debt relief in African countries like Senegal, Tanzania, and Boole's homeland, Niger. The May 31 announcement of the shows has been met with a mixture of hope and skepticism by Boole and other Philadelphia-area African immigrants.
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BUSINESS
April 24, 2016 | By Harold Brubaker, STAFF WRITER
Cabrini College, in Radnor, obtained a waiver of certain agreements with its bondholders after having failed in the year ended June 30 to meet a profitability requirement relative to the amount of money needed to make debt its payments. The school, which enrolled 2,253 in the current academic year, according to a report to bondholders, lost $8.4 million on operations in fisal 2015, up from a loss of $6.3 million the year before. It was the third consecutive year of operating losses.
NEWS
November 19, 2015 | By Susan Snyder, Inquirer Staff Writer
The Art Institute of Philadelphia is among a network of for-profit colleges nationwide that will forgive nearly $103 million in student loans under a multistate settlement of complaints that the company used high-pressure tactics to enroll unqualified students. In Pennsylvania, 2,683 students stand to benefit from a total of more than $4 million in debt relief, said Pennsylvania Attorney General Kathleen G. Kane, whose office noted that 39 state attorneys general joined the settlement with Pittsburgh-based Education Management Corp., which enrolls more than 100,000 students online and at 110 locations in 32 states and Canada.
NEWS
October 22, 2015
PEOPLE ARE SO desperate to get out of debt that they will believe anything and anyone promising relief. They often turn to debt-relief companies that promote plans that supposedly can solve their problems. But for many, not only does the relief not come but the steep cost of the plans - sometimes thousands of dollars - can dig them in deeper. Recently, the Federal Trade Commission announced a $7.9 million settlement with one debt-relief operation that the agency said scammed people with false promises.
NEWS
December 29, 2014 | By Erin E. Arvedlund, Inquirer Columnist
What's another name for student debt consolidator? A new low in scam artists . So here's how not to become a target of "debt relief" companies. Many 2014 college graduates are receiving their first loan bills. Student loans total $1.2 trillion nationally, and about seven million students have defaulted. You don't need to pay anyone to get help with, or to restructure, your federal student loans - period. (Private loans are another matter entirely). Do it yourself for free.
NEWS
July 18, 2014
MANY PEOPLE who are deeply in debt are desperate for a quick fix. They ask the question: What can I do to get out of debt? But they aren't willing to accept the answer I give them, which is that it takes time. And discipline. And sacrifice. It takes cutting your expenses or working more, or both. They want different answers because they can't handle the truth. So, many people turn to debt-settlement companies that promise salvation. The companies assure a speedier route to financial freedom.
NEWS
June 21, 2014 | By Harold Brubaker and Amy S. Rosenberg, Inquirer Staff Writers
The Revel Casino Hotel in Atlantic City, a $2.4 billion property that has operated at a loss since opening in 2012, filed for its second bankruptcy Thursday. The new filing came about 13 months after the company wiped out $932 million in debt and cut yearly debt payments by 96 percent in bankruptcy last year. Despite the massive debt relief, the casino at the north end of the Boardwalk continued losing money on an operating basis before debt payments. The loss was $21.75 million in this year's first quarter.
NEWS
April 29, 2013
3 die in French building blast REIMS, France - A possible gas explosion ripped off the side of a five-story residential building in France's Champagne country on Sunday, killing at least three people and injuring 14 others, officials said. More than 100 rescue workers, firefighters, sniffer-dog squads and bomb and gas experts were deployed to the gutted building in a subsidized housing complex in the city of Reims, east of Paris, officials said. Heaps of debris spilled out of the building onto a grassy esplanade below.
BUSINESS
November 29, 2012 | By Nicholas Paphitis and Pan Pylas, Associated Press
ATHENS, Greece - European and global financial leaders have agreed to release 44 billion euros ($57 billion) in critical loans to Greece and provide billions in additional debt relief in order to help the country stabilize its ailing economy. After three weeks of negotiations, Greece's euro partners and the International Monetary Fund agreed early Tuesday morning to release the loans in four installments beginning next month. The leaders also settled on a raft of measures - including a debt buyback program and an interest-rate cut on loans - that will reduce the country's debts by about 40 billion euros.
BUSINESS
March 10, 2012 | By Elena Becatoros and Gabriele Steinhauser, Associated Press
ATHENS, Greece - Greece's private creditors agreed Friday to take cents on the euro in the biggest debt write-down in history, paving the way for an enormous second bailout for the country to keep Europe's economy from being dragged further into chaos. Greece would have risked defaulting on its debt in two weeks without the agreement. Prime Minister Lucas Papademos called the deal - which shaves some $138 billion off Greece's $487 billion debt load - an important "historic success" in a televised address to the nation Friday night.
NEWS
February 20, 2012 | By Gabriele Steinhauser and Demetris Nellas, Associated Press
BRUSSELS, Belgium - Prime Minister Lucas Papademos traveled to Brussels, Belgium, on Sunday, a day before eurozone finance ministers must decide whether Greece will get a $170 billion bailout and avoid a potentially devastating default. Leaders from Germany, Italy, and Greece have said they are optimistic that the deal on a second massive bailout for Athens can be clinched at the meeting after months of delay, but critics have expressed doubts about Greek political leaders' commitment to austerity.
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