Word: defaulting
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Dates: during 1970-1979
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...wangle the loan, which was necessary to prevent default, city and state officials were forced to take drastic actions that went against many a past promise. For the most highly taxed city in the country, the state legislature passed a $200 million increase that includes a 25% raise in the city income tax as well as higher levies on corporations, banks, barber shops, beauty and massage parlors and inheritances. Also approved was a three-year moratorium on the redemption of $1.6 billion in city short-term debt held by individuals...
...York 'got federal aid, claiming that the city could do no more to help itself - that they turned the President off. Both sides began to mobilize public opinion to pressure the other. The President made stern public appeals for frugality and forebearance; New Yorkers argued that a default would have a domino effect around the nation and even abroad...
...completely shed its troubles. Scarcely is one insolvent agency rescued than another pops up. Largely because it has lent so much to the city, New York State has a tough time borrowing money. Four state agencies, financed by the dubious "moral obligation" bonds, are in danger of default. If they cannot repay the $1.5 billion they owe over the next three months, they will become another financial drain on the hard-pressed state. To avert default, David Rockefeller, chairman of Chase Manhattan Bank, said federal aid might have to be given to the agencies...
...seen so many cliffhangers that I don't get acrophobia when I look over a cliff," quipped New York Governor Hugh Carey last week. Once again he was peering into the abyss of default. The helping hand he had expected from Gerald Ford had not been extended. In a statement only a little less tart than in the past, Ford said that if more "progress" was made, he would "review" New York's situation this week and consider some kind of relief. What he appears to want is a comprehensive plan to restore fiscal stability to the city...
That scenario might be a cautionary account of the fall of New York after default. In fact, it is the history of a pre-Columbian city called Teotihuacan (the Aztecs' word for "the place the gods call home"), once a metropolis of as many as 200,000 inhabitants 33 miles northeast of present-day Mexico City. Archaeologists long regarded the city -famed for its Pyramids of the Moon and the Sun and avenue-like Street of the Dead-as a ceremonial center inhabited largely by priests and their retainers. Now, new discoveries suggest that between...