The system was also implicated in a payment crisis which hit the Calcutta stock exchange in March, when a sharp fall in stock prices left a group of brokers with big carry forward positions unable to honour their financial commitments.
"At the root of the euro upheaval is a balance of payment crisis caused by the cumulative effects of a 13-year-old one-size-fits-all monetary policy and a fixed exchange rate for a collection of disparate countries in very different stages of economic and structural development, " he argues.
On the other hand, when Germany's Herstatt Bank failed to meet its international payment obligations in the mid-1970s, that event caused a serious globalized payment-system crisis -- even though Herstatt itself would not have been on anyone's list of major financial institutions at the time.
Evercore Partners is one of the few investment banks that maintained its dividend payment throughout the financial crisis.
The firm was led to crisis by payment pledges made in the 1970s and 1980s when the UK economy, then characterised by relatively high interest rates and high inflation, was expected to sustain strong investment returns.
Demanding payment likely would have significantly exacerbated the financial crisis by forcing major Korean conglomerates to miss scheduled loan payments.
Yet, they know this is just a Band-Aid with another crisis likely coming at the next coupon payment date.
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The company weathered the financial crisis largely by requiring a large down payment and keeping all mortgages on its balance sheet.
On a smaller scale, think about your credit cards that started with low interest rates that zoomed to 30% during the recent banking crisis if you were late with a payment.
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The cost-lowering potential of direct-payment practices is heartening because the current third-party payment system has failed to stem our burgeoning health cost crisis.
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In fact, many large corporates during the crisis added fuel to the fire by extending payment terms with their suppliers in an effort to improve their own working capital metrics and cash positions.
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With no end in sight to the crisis, businesses in Cyprus have been insisting on payment in cash, rejecting card and cheque transactions.
That is why over 30 years of personal accounts, even through the financial crisis, Chile has never had to make a payment on that guarantee.
That Europe will kick the solution of the Greek debt crisis down the road again, with another temporary bailout payment, has no connection whatever to slowing global economies and rising inflation.
And we think that that good faith and willingness helped, in the end, allow for everyone the come together and achieve a result that, while not ideal, did avert a crisis and did allow us to make a significant down payment on the need to reduce the deficit.
Should a crisis arise, you will call each creditor and negotiate for a lower payment.
In the midst of that ongoing hacker pile-on, Sony has remained unwisely mum, says Jason Maloni, a crisis public relations executive at Levick Strategic Communications, which handled the response to Heartland Payment Systems breach of as many as 100 million credit card numbers in 2009.
President Barack Obama has been outspoken about the payment of bonuses - when the rest of the country is still suffering from the fall out of the global financial crisis.
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