Word: default
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...Poland is like a company that is no longer capable of selling its stock on the free market," complains a senior banker in Düsseldorf. "The problem goes beyond the banks. Poland is in default already." More discreet financiers might find that view extreme, but none would deny the gravity of Poland's economic and financial crisis...
...students are enrolled in school, the Government makes payments to the banks to cover interest. The borrowers do not have to begin their repayment until six months after they graduate and even then have up to ten full years to discharge their debts. Despite the generous terms, the default rate was as high as 10% in 1977. By last year, after a Government collection campaign, it had dropped to about...
There was also a touch of desperation on the part of the commercial creditors, who have little choice but to defer payment on the Polish notes now falling due. Poland has no substantial assets in the West that could be seized in the case of a default. Nor could the Soviets be counted on to pick up the tab. As one Parisian financier put it: "There are conditions under which the amounts involved become so considerable that the debtor actually holds the creditor in check...
Saturday proved slightly more difficult. Freshman Lili Pew at number five injured her back against Yale, and Crimson captain Ellie Cunningham had to suit up for the remainder of the tournament. Despite the default, the racquetwomen still blasted the Elis on their home court...
...bank in a $500 million loan to the government of the Shah, to draw on Iranian assets at U.S. banks in London for payment of an interest installment of $4 million. Because the assets were frozen and payments could not be made on them, the loan became technically in default. Chase hastily polled the eleven other members of the lending syndicate and found the majority in favor of declaring Iran in default...