Word: default
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...American States, summed up the plight of the 26 Latin American and Caribbean nations that met last week in Caracas, Venezuela. Just one year ago, Western bankers and public officials were scrambling frantically to avert a worldwide financial crisis as several Latin American countries tottered on the brink of default. The moneymen have since lent more than $45 billion to Brazil, Mexico and other Latin American nations to help them pay interest on about $275 billion in loans...
...Hungary's Zoltan Ribli, 31, in Abu Dhabi ostensibly because the Persian Gulf emirate was too hot. So Korchnoi and Ribli will meet for the right to confront World Champion Anatoly Karpov, 32, though he is now said to be unwilling to face anyone who has won by default. Checkers, anyone...
...dollar. The Reagan White House, by contrast, has preferred a hands-off policy toward the currency's price. After the attempted presidential assassination in 1981, it stepped in to calm foreign-exchange markets, and it did so again last October, largely to ease jitters over a possible Brazilian default. But each time Washington pumped in no more than $100 million...
...York City's near miss in 1975 does not count as a default, at least technically, because the city secured moratoriums on short-term interest payments until it could again start paying its creditors. If the Big Apple had defaulted, it would have been slightly ahead of Whoops' record, at $2.4 billion...
...bankers fear that without continued IMF support some foreign borrowers would be forced to default. Such moves would depress bank profits by causing the lenders to take losses on the loans. "The big U.S. banks are maintaining the fiction that all their loans to weakened debtor countries are good," says George Soros, president of Soros Fund Management, a New York-based firm that manages $2 billion of financial assets. "But if the IMF quota does not go through, the banks would have to start writing off those loans more aggressively." That could set off a chain reaction that might...