Word: defaulting
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Dates: during 1970-1979
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Even if Tehran finally does not default on its debts, the danger is that European and Japanese banks might call in their loans to Iran. The possibility became more acute last week. That was because of an action by an eleven-member international financing syndicate headed by the Chase Manhattan Bank. The syndicate voted to declare a $500 million loan to Iran in default for failure by Tehran to pay some $4 million in interest charges. The Iranian central bank retorted that it had instructed the Chase to transfer the needed funds from an Iranian account in New York...
Chase responded that the Iranian statement was not correct. It and the six other U.S. banks in the syndicate voted, over the protest of the four non-U.S. banks involved, to declare the default. The U.S. banks could use the Iranian assets frozen a week earlier to offset their own $300 million share of the loan, but the non-U.S. banks (two Swiss, one British and one Canadian) had no such recourse. Their only options were either to activate a so-called cross default clause and foreclose on the Iranian government in court for the remaining $200 million...
...less developed nations to $300 billion. Many nations are so weighed down with debt that bankers are growing wary of lending them more. Yet if they cannot borrow, poor countries will have trouble importing more oil. Without energy, their economies will slump, exports will shrivel, and they may default on existing loans. At the extreme, that would threaten some of the lending banks with failure, and the U.S. Federal Reserve would have to push the money printing presses into overdrive to bail them out by advancing huge loans to the banks. Such a step would amount to the U.S. undertaking...
...Dennis Kucinich, elected in 1977 at the age of 31, won nationwide notoriety for his abusive assaults on the city council, Cleve land's big corporations and banks - and even more for the fact that Cleveland last year became the first major U.S. city since the 1930s to default on debt repayments. Cold-shouldered by the Cleveland Democratic organization and almost beaten in a recall election last year, Kucinich fo cused his campaign for re-election on Cleveland's blacks; he persuaded Heavyweight Champion Larry Holmes and former Mayor Carl Stokes to endorse him on TV. The strategy...
...city about one third of the electric system's real value, and to spread payments over a 30-year period without interest. Kucinich refused, and Cleveland Trust declined to roll over the loan. As a result of what he calls "a strike by capital," the city went into default...