"We limited ourselves to short-term credit which, in the world of international banking, does not amount to very much."
Most of the loans were short-term credits of 60 to 180 days.
Since then, they have zoomed to over $20 billion in short-term credits.
The West provided some short-term credits that had to be quickly repaid.
The festival was financed with short-term credit that began coming due right after the event.
According the Statute, it was a state-owned bank, intended for short-term credit of trade and industry.
West Germany has already committed itself to put up $2.9 billion in short-term credits, and is prepared to do much more.
Squeezed for cash, the company recently had to extend its short-term credit, which cost it $1.6 million in fees.
The short-term credit is needed because the paperwork for the $65 million package cannot be completed by the deadline.
At the time it was novel for a government to invest its reserves in anything other than gold or short-term credit.
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