Word: default
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...Forces. That signaled the city's hairbreadth escape from defaulting on its many loans, bonds, bills and other debts. Once again New York City had been fatally caught between two irreconcilable forces. On one side was Congress, which is not inclined to go to New York's rescue unless city officials dramatically demonstrate that they have stopped their high-spending ways. On the other side were the powerful city unions, some of which have threatened to shut down New York with a general strike if officials cut the budget too deeply. The squeeze pushed the city closer than...
...latest crisis-the fourth and worst brush with default since last spring -occurred when city officials had to come up with $477 million to redeem short-term notes, pay sanitation workers and meet other expenses-but had only $34 million in the till. This near disaster was primarily caused by a flaw in the complex $2.3 billion rescue package that the state legislature had put together last month to carry the city into December. To guarantee that the state would have help in bailing out the city, the legislature had constructed a Rube Goldberg financing scheme that offered...
...their hands. They simply told Big Mac that they would not buy the retirement board's remaining $150 million share of Big Mac bonds. Without that investment, the state would have to withhold a $250 million payment due last week, and the city would be forced to default...
...Vice President's statement as meaning that Ford was relenting. In fact, Rocky and Ford were sharply and openly split on the issue, and White House aides were furious at the Vice President. At 12:25 a.m. Friday, Beame phoned the White House to warn that a default might occur within twelve hours. But Presidential Adviser L. William Seidman decided that there was no need to wake Ford...
With the federal turndown, city officials struggled to gain precious minutes against the deadline for default-3 p.m., when the banks would close and bondholders would have to be paid the interest due on their maturing New York bonds. In an unusual concession, some banks agreed to stay open at least an hour later. Meanwhile, Carey pleaded with Shanker. Separately, Beame pleaded with Shanker. Then, at midafternoon, a worn and weary Shanker stepped before TV cameras to say that he would indeed "advise" the teachers' trustees to advance the necessary money. In Washington, Ford reacted cynically by asking...