The gamecock. (Columbia, S.C.) 1908-2006, November 20, 1985, Page 5, Image 5
1 Business
Wednesday. November 20. 1985 5
' * m THE GAMECOCK
Symposium
growing deb
> developing (
Bv MARISA J. PORTO
Buwnets editor
Economic and financial problems
in the Western Hemisphere
were discussed at a symposium at
USC Friday.
The growing burden of debt
experienced by developing countries
in the 1980s was a key element
in the discussions, which
focused on continuing efforts to
manage the international debt.
J The symposium included Jacques
de Larosiere, managing
director of the International
Monetary Fund; Edward Seaga,
prime minister of Jamaica; and
William Brock, U.S. Secretary of
Labor.
Charles Dallara, U.S. executive
director for the International
Monetary Fund; Ernest
Stern, senior vice president of the
World Bank; and Richard McCormack,
U.S. ambassador to
P the Organization of American
States, also participated in the
symposium.
The banquet, which wrapped
up the conference, ended with a
speech by de Larosiere that emnhflsi7ed
the nrnhlems fnrino the
world economy and debtor countries
and possible solutions to the
problems.
Latin America has been and
will continue to be at the center
p of the debt problem because of
the size and structure of its external
debts, he said.
"A durable and cooperative
solution to the debt problem is
possible, but it requires that we
meet three major challenges head
on: combining growth with continuing
adjustment in the indebted
countries, strengthening the
^ global economic environment.,
W and assuring adequate finaoc-,
ing," de Larosiere said.
Debt problems erupting in
Latin America in 1982 were causfti
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policies, adverse developments in
the world economy, the terms
and availability of external financing
and fallacies in economic
thinking, he said.
To achieve external adjustment
and growth, debtor countries
must increase exports, savings
and private investment, but this
could not be accomplished if
these countries did not maintain
incentives, he said.
"Policy reform in indebted
countries, however necessary,
cannot do the job itself," de
Larosiere said. "The global
economic environment must be
strengthened so that more
outward-lookine Dolicics do not
merely subject developing countries
to larger external risks. For
this, the industrial countries bear
the main responsibility because
of their weight in the world
economy."
Budget deficits and public
spending cuts, reduction of structural
rigidities, monetary
discipline and protectionism must
be resisted to strengthen the
economic environment.
To assure adequate financing,
commercial banks will have to
provide new money and restructuring
on realistic terms to debtor
countries making forceful adjustment
efforts.
"Official financing, particularly
official development
assistance, plays an important
role in helping to meet the financing
needs of countries with as yet
limited access to commerical
credit," he said. "For them,
these funds act not only as a
shock absorber against unfore.
and external
, d^wkajvtts, .but -.aJlso provide
valuable breathing space to begin
the necessary broadening of their
production structures. For these
reasons, the stagnation in official
wIVAl
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Jacques de Laroaiere c
Managing Director, >
International Monetary Fund
i
assistance cannot be allowed to |
continue." 1
The World Bank group and the (
IMF should cooperate to draw '
long-term programs for ap- '
propriate adjustment strategies,
he said.
"Finally, because so much 1
scope for growth and adjustment
in indebted countries is condi
tioned by the policies of the industrial
countries," he said, "the
IMF will continue to work
toward making its surveillance
more effective and symmetrical.
"Widespread support was expressed
in Korea for this objective,
as well as for the commmitments
and intentions stated
by the five major industrial countries
following their meeting in
New York on Sept. 22 to
strengthen their cooperation, in
order to achieve a better pattern
of exchange rates and to promote
adjustment."
De Larosiere said debtor and
creditor countries have managed
to avert grim scenarios so
popular at the onset of the debt
crisis.
"But by no means is this
enough," he said. "We are now
facing the task not only of preserving
these hard won gains, but
also of sustaining and strengthening
the economic recovery in both
the developing and industrial
world. As in the past, the
challenges are formidable. Nevertheless,
by resisting the rising tide
, of protectionism, by implementing
the right macroeconomic and
structural policies and by assuring
adequate financial flows, the
job can be done."
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Students'
at the Pei
ly PAULA WETHINGTON
?.<i
hum wiutn
One of the most unique jobs
ivailable for collcgc students
iround Columbia is being a
:ustomer service representative
vith a national airline.
About 14 college students,
nost of them from USC, work
?art-time with People's Express
n Columbia as part of a "model
:ity" operation, according to
Maureen Sullivan, People's Express
station manager.
"In January and February, we
started this idea (of) a People's
Express University to share our
expertise with college students,"
Sullivan said.
111 1 a! j a.
worKing pari umc, muucihs
can apply their experience toward
a master's degree in three years,
Sullivan said. People's Express is
trying to develop an accredited
master's program with such
universities as Harvard and Yale,
she said.
Student customer service reps
check in customers and their
bags; they also are responsible
for information about connecting
flights if others have been
delayed or canceled.
One of the reps, Helene Col
! : ^ - j
email, is a senior music cuucauui
major at USC; she started work
ing at People's Express last Maj
by answering an advertisement ir
The Gamecock. This summer
she was one of only five student:
working in the Columbia office
but by summer's end six mor<
had been hired, Coleman said.
"We do the same stuff as ;
manager," she said. "Any pro
blems that come up, wc have t<
be there to answer questions."
When she was hired, Colemai
worked for a short time at th
desk before a week of classroor
training, where the students wer
expected to learn codes for th
Wl
ASF
THEVR
"If there's one thin]
like Food Lion. Wli
In my house, i
Since I can't do tha
Food Lton's been tellir
"Delhaize Le Lion" of Belgii
Board of Directors.
Why is Food Lion asli
Maybe tfs because D
tional rules of conduct for r
Cooperation, to which botf
employment and industria
ers in the host country." In r
workers wages and benef
Maybe Delhaize/Foo
workers.
So listen to Mama, ar
Donl let Food Lion inr
Listen to
Raid for by the proud
a!
careers taki
iple Express
) USC psychology senior Susan Penn escorts
old son Joseph to the People Express loe
f cities serviced by People's Ex)
press, as well as the airline's rules st
and regulations. ei
s Coleman thinks customers bi
, don't realize the employees are m
2 mostly college students. She says
they're complimented many ic
a times by customers and that the rr
airline headquarters in Newark, a
3 N.J., has been impressed with p
their work. a
n Sullivan said the students soon ti
e will be able to work as flight at- s;
n tendants, as managers are able to
e fill in for these positions if vacan- f
te cies occur.
? /<. i> 'iJ... i i... * : :
IY IS FOOD LI
IAMED TO AE
E FOREIGN-C
g I can't stand, it's people who ca
ry, they seem ashamed to admit tl
Alien Eunice would tell a fib, 1U
it with Food Lion, I'm just not gc
ig the public it's not foreign-owned, but their 1S
um actually controls 50.8 percent of Food Lion
iamed to admit it's foreign-owned?
elhaize/Food Lion's treatment of its American \
nuftinational corporations. The International Or
i the U.S. and Belgium belong, requires foreigi
I relations not less favorable than those observ
Tiany American communities in which it opera
its far inferior to those paid by other food store!
d Lion is ashamed that it treats its Belgium woi
id don't shop at Food Lion.
iport an inferior standard of living to our count!
Mama. Don't shop at
Americans who are members of the United Food i
ng off
office
r' . $
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JMKl
JOSEPH GARNETT/Tht Ganwcock
i Catharine Hamilton and her 7 yearding
ramp.
Through the use of college
udents as the major source of
mployees, Columbi<y has
jcome one of the airline's three
todel cities, Sullivan said.
"They look forward to our
leas," Coleman said. "It's
lainly up to us whether the
irline works or not. Since Peole's
Express is so different from
ny other airlines, we have to
rain customers to the different
ystem."
rui wv.ain^iL, aiv paiu
or when the customer boards the
See "Airline," page 6.
? "f< "< ' ; /
. ... ,
[ON
?Mrr
KVVNED?
t
n't face up to the truth,
hey're foreign-owned."
30k her over ray knee.
?lng to shop there."
)85 proxy statement says that
's voting stock and half of the
workers is contrary to internaganization
for Economic
n firms to observe "standards of
red by the comparable employees,
Delhaize/Food Lion pays its
5.
rkers better than its American
Food Lion.
and Commercial Workers.