Word: brinkly
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...thus discourage more victims from coming forward. Now that the silence has been broken, dioceses across the country face mountains of debt, even bankruptcy. The Vatican stands aloof at pay-up time; every diocese is responsible for its own financing. That drove the Santa Fe, N.M., diocese to the brink of insolvency, when it had to borrow from parish savings accounts to fill out a $50 million settlement. The diocese of Santa Rosa, Calif., sold off property, closed an elementary school and took out $7 million in loans from 90 other U.S. dioceses to pay $16 million to abuse victims...
...FROM THE TIME ARCHIVE Streets Red With Blood To The Brink Inside the Hurricane Stories Since...
...Andersen, the Enron scandal may only get worse. A senior Administration official told TIME last week that an indictment of the Big Five accounting firm or some of its executives could be imminent. An adviser to the company, meanwhile, acknowledged that it was on the brink of serious financial trouble and suggested that an indictment might force it to seek protection under bankruptcy laws. This is vehemently denied by Andersen spokesman Charlie Leonard. "You can't [declare bankruptcy] if you're solvent," he says. "Andersen is solvent...
Jonathan Fenby is the author of On The Brink: The Trouble with France
...small sense, Korea has been blessed by disaster. The 1997 crash forced government leaders to put the economy through the wringer: on the brink of bankruptcy, the government cleaned up the creaky financial system and reined in the big chaebol conglomerates, blamed for killing the economy with reckless borrowing. While other Asian countries, most notably Japan, have been slow to excise the failing companies and unproductive assets that are a drag on economic growth, Korea has been more ruthless. For example, bad debts at Korean banks were reduced by more than 55% last year thanks to aggressive disposal of distressed...