Word: bondses
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So default has probably been averted, but the crisis has worsened a situation that will slow recovery anyway. Spending by state and local governments, discounted for inflation, rose by 6% as late as 1973; this year the increase was below 2%, and in 1976 it is forecast only slightly higher...
Venezuela. Nationalization of all oil operations will be completed by Jan. 1. Venezuelan Oil Minister Valentin Hernandez said the government would pay 39 foreign companies slightly more than $1 billion in cash and 6% bonds for their holdings. Exxon will get $512 million, Shell $240 million. The companies are not...
And bonds from tax-free Puerto Rico.
Banks Agree. The municipal workers' unions were persuaded to contribute to the rescue from their pension funds. They agreed to invest $2.5 billion in city securities and to refinance $700 million in bonds issued by the Municipal Assistance Corp. and $450 million in city notes. The New York banks...
Even with the long-sought federal aid, New York has not completely shed its troubles. Scarcely is one insolvent agency rescued than another pops up. Largely because it has lent so much to the city, New York State has a tough time borrowing money. Four state agencies, financed by the...