The US Treasury is proposing to provide the country’s airline sector with $50 billion of secured loans, not grants as the industry had requested, tied to conditions which include limits on executive pay. The secured loans would be advanced via the US Exchange Rate Stabilization Fund (ESF), which as the name implies is typically used to intervene in global currency markets. The leaked memo said that the $50 billion Airline Industry Secured Lending Facility would be advanced via the ESF for the purpose of providing funding to US passenger and cargo air carriers The memo said that Treasury Department would

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