One of the largest institutions in the country is facing default if it cannot get financial assistance from the government.
The institution has a serious payment due this month, worth $5.5 billion, that will cause it to default if gone unpaid. Financial experts believe that the much utilized institution could run up debts up to $9 billion in this year alone if the economy does not improve.
In order to reduce debts, the institution has started to contemplate cost-cutting measures, such as layoffs and closing branches on Saturdays. As many as 120,000 people could lose their jobs in the upcoming months if the government doesn't step in with a serious loan.
This week the Senate's governmental affairs committee will review the proposal to lend the institution money until it can get back on its own feet.
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