Word: borrowing
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Dates: during 1980-1989
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...When the OPEC nations raised the price of oil in 1973-74 and caused a worldwide recession, Poland's exports, instead of continuing to rise as Gierek planned, began to falter. Unable to lay off any workers?a taboo under the full-employment doctrine of Communism?Gierek had to borrow more and more money from the West to keep going. Poland's foreign debt rose from $4.8 billion in 1974 to $25.5 billion in 1981. Servicing and repayment of the loans, which are owed to 15 Western governments and 501 Western banks, now consume all of Poland's hard currency...
...white balloons. Huge sprays of red gladiolas. The tablecloths are red, as are the matchbook covers with MIMI emblazoned on them. So too are the rubies surrounded by diamonds in Mimi's necklace and earrings. Neiman-Marcus allowed Mimi the run of the jewelry department to borrow anything she wanted for her ball. "It was real special," she admits...
Established in 1963, the student loan program for the health professions allows would-be nurses, dentists, optometrists, pharmacists and podiatrists, as well as physicians, to borrow enough to cover their tuition plus up to $2,500 in other expenses. Repayment is over ten years at a maximum rate of 9%. About a third of the 167,000 loans now outstanding are in arrears totaling $23 million. Nurses have the highest delinquency rate, a whopping 43%, compared with a range of 6% to 29% for the other professions. The default rate for doctors...
Long says he tries to keep the prime as low as possible because high interest rates are deadly to the small customers who borrow from his bank. Says he: "Big corporations just put the interest-rate figure in their computer, and it becomes part of the cost of whatever you and I buy from them. The ones who really get hurt by these rates are the little people...
...does have the occasional (and perhaps inevitable) excess, the overripe prose, the gimpy metaphor, the Jabbar-sized sentence. An example: "Indeed, Paxson, who was white, looked like the star of a new television sit-com about a healthy happy-go lucky midwestern college student who was always trying to borrow his parents' car and getting into trouble, but the kind of trouble that is easily rectified. (That is, no hard drugs.)" The book definitely suffers, too, for its lack of photographs, which would have helped in keeping the many names straight...