Word: defaulters
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...owned bank halted efforts to raise $2 billion in desperately needed cash to pay off loans from Japan and other countries. The retreat, which came barely a week after the International Monetary Fund agreed to ride in with a $57 billion rescue package, raised the specter of a massive default by the world's 11th largest economy on its far-flung foreign obligations...
...world's second largest economy, in a severe slump for most of the '90s, could get pushed into depression by the financial crises in Southeast Asia, which gets nearly 40% of all Japanese exports. More alarming, roughly one-third of all loans in Southeast Asia--many now in default--came from fragile Japanese financial institutions. Says University of Chicago political economist Marvin Zonis: "To raise needed liquidity, they might sell their holdings of Treasury securities." Since Japan owns more U.S. Treasury debt than any other nation (more than $300 billion), a sell-off would cause U.S. interest rates to climb...
Just like the downsized IRS, taxpayers were coming in with downsized problems. One woman was there over a disputed $100 payment. She said the agency only credited her for $75, throwing her account into default. An hour later, she returned happy, although saddled with more paperwork, and confident that her problem would be taken care of. "I'm very happy with how I was treated, and I think that everything is going to be fine." Oh, the humanity...
Immediately following the doubles final, the singles title was to be decided. And although the battle lines were drawn for that final matchup, the familial duel would have to wait. Due to a hematoba in his heel, Tom was forced to default and thus James was handed the singles trophy in a walkover...
...Street columnist, Daniel Kadlec. "No one expected Hong Kong to get hit this hard, and it did. If this sends the Southeast Asian markets any further into recession, it will have real implications here." U.S. multinationals, in other words, will get out of Asia faster than you can say "default," with global-thinking investors right behind them. "That could be the thing that triggers the 500- or 600 point correction everybody's been waiting...