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Then we had just completed an extended period of monetary ease that addressed the credit stringencies of the early 1990s, and with the abatement of the credit crunch the low real funds rate of early 1994 was clearly incompatible with containing inflation and sustaining growth going forward.
The art that the Poiriers built on this faith in the '70s and '80s - microcosmic reconstructions of ancient ruined architecture, arrangements of outsize fragments of Greco-Roman sculpture, and related works - was among that period's many signs of an esthetic shift: after the sublimities and stringencies of formalism, Conceptual art, and Minimalism, a return of history, allegory, anecdote, and the depiction of things seen and imagined.
We believe that O&Y may already have cashed in some of the swaps -- where it had a profit -- to ease recent cash flow stringencies.
In the opinion of the directors, and under the current operating stringencies faced by the company, it would be inappropriate for the company to commit to a new contract at this time.
Even in the present stringencies, he allocated pounds 20m for extra respite; not enough but certainly an increase and not a cut.