Word: basel
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...cover story on international debt: "Monetary officials speak in guarded code words, and commercial bankers in doubletalk." Like many other economic analysts, Malkin suspected for some time that a serious global debt problem was at hand but felt cautious about his suspicions. Not until a banker in Basel dropped his defenses over a beer and unambiguously warned him of the frailty of the Eurodollar market did Malkin decide to push ahead on the story...
...Reagan Administration moved in with immediate aid: $1 billion in oil purchase prepayments, another $1 billion in agricultural credits, and half of a $1.85 billion short-term loan put up by the Bank for International Settlements (Bis) in Basel, Switzerland, the so-called central banks' central bank and the keeper of international lending statistics. This was closely followed by an IMF announcement that it had approved a Mexican adjustment plan and would extend a new credit of $3.9 billion. But the commercial banks were not happy over the IMF's conditions that they increase their lending...
...Dadaist and co-founder in 1919 of surrealism, Aragon was a decorated hero of two World Wars, revered especially for the ringing patriotism of his 1940s Resistance poems. Slim and elegant, he uncorked his rhetorical gifts irrepressibly: in art criticism, in labyrinthine, sometimes brilliant novels (The Bells of Basel, Holy Week), in often romantic poetry, but most vigorously-and to some incongruously-in essays, books and political activism championing Stalin...
World financial agencies are trying to ease some of the pressure. The International Monetary Fund is assembling emergency loans totaling about $4 billion during the next three years. In addition, the Bank for International Settlements in Basel has prepared an emergency credit line of $1.85 billion, with $925 million coming from the U.S. The entire package is expected to be wrapped up by the end of this month...
...Bathing to canvases by American painters Winslow Homer (Crab Fishing off Yarmouth) and John Sloan (Picnic Grounds). There are also reproductions of a medieval tapestry, History of Venus, and several sculptures, notably St. George and the Dragon by Fritz Preiss and Fulda's 11th century antependium for Basel Cathedral. An audience favorite is Norman Rockwell, who has four Saturday Evening Post covers this year. As always, the pageant winds up with Da Vinci's Last Supper...