Word: default
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...York City lingers on the brink of default, President Ford last week reconfirmed the notion that he's more committed to his own political future and to this country's corporations and to the few men who run them than to the people as a whole...
...pressing needs. With 37 million people-and a high birth rate -the country is desperately poor. Despite a cash transfusion of $1.2 billion this year from Saudi Arabia, Kuwait and Qatar, Egypt will probably end 1975 with a $500 million deficit, raising the possibility that the country might default on its debts. The Saudi moneymen, moreover, are not happy-or think it impolitic to seem happy-about Egypt's signing of the Sinai accord, and they are likely to be less generous in the future...
...crisis had only been temporarily averted. Officials expect the city to scrape through November-though not even that is sure. In December New York faces certain default unless it gets federal assistance. Thousands of city bondholders will be affected. Among them is Jacqueline Onassis. The forthcoming issue of MONEY reports that at her insistence a pre-nuptial trust established for her by Aristotle Onassis was invested entirely in New York City bonds and provides a tax-free $100,000 of her $341,000 annual income...
Meyer said the effect of the city's default could be to weaken these institutions' capacity to provide loans necessary for economic growth throughout the country...
...Default supervised under a federal court referee could allow great flexibility and latitude in dealing with the city's manifold problems, said Meyer, who teaches graduate-level courses on urban economics and public financing in the Department of Economics and at the Business School...