Word: default
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...Yorkers got some good news for a change last week as crises on two fronts were at least temporarily cooled, if not finally resolved. On the brink of default, New York City, with some help from the state and major banks, found a device to cover $792 million in short-term notes that were due. And thousands of city and state doctors ended a nine-day slowdown protesting the runaway cost of malpractice insurance...
...When they gained control of several northern provinces late last year, according to a U.S. intelligence source, they killed several hundred civil servants. No information is yet available on how the Communists are behaving in the provinces they have won in the past four weeks by default. Hanoi is now said to regard the 1968 executions in Hué as an "error," and may avoid a repetition of them. But from the evidence, the chance of officially sanctioned bloodshed cannot simply be dismissed as a scare story...
...million in this fiscal year and by almost $900 million next year. A few experts even suggest that the city start afresh by reorganizing its finances under Chapter IX of the Federal Bankruptcy Act. Last week the daily American Banker reported that New York might even have to default on $450 million worth of notes that are due April...
Last week the unthinkable happened: the U.D.C. found itself unable to pay off $104. 5 million in one-year bond-anticipation notes. It was one of the big gest defaults by a public agency since the 1930s, and it posed a severe test of the value of the so-called moral-obligation bonds that the U.D.C. and other agencies have issued in recent years. The default posed the possibility that the agency could be besieged by a rush of lawsuits filed by creditors demanding immediate payment of its entire $1.1 billion in out standing bonded debt. Conceivably, such a siege...
...U.D.C. episode will cast a pall over the municipal bond market. The doubts raised by the U.D.C. crunch could have especially grave repercussions for the more than $6.3 billion of outstanding moral-obligation bonds is sued by similar public agencies in 30 states. Following the default, U.D.C. bond prices fell rapidly; some bonds sold for half their face value, and by week's end most other outstanding issues had fallen by more than $100 per $1,000 bond...