Word: defaulting
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Dates: during 1980-1989
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...Citicorp's profits. In 1986 the bank earned $257 million, or about 24% of its total income, on loans to countries in the Caribbean and in Central and South America. The growing threat to the bank's welfare was therefore extremely dire; at the same time, the potential for default on these debts was depressing Citicorp's reputation on Wall Street...
Citicorp's bolstered reserves give the bank a cushion against a default by any of its Third World debtors. That alone, predicts the head of a U.S. banking office in Brazil, "will change the renegotiating process forever." Says he: "The idea that a debtor can threaten the international financial system with collapse and get whatever it wants just won't work anymore...
Instead, the ruggers ended up with a lot of mud, a consolation crown by default and too much of Princeton...
...default because the team had to catch flight...
Gary Hart, the Democratic front runner, declares, "For all practical purposes, we have entered the post-Reagan years." But he knows that the Democrats "won't win by default, or because of some historic trend or tide. We must offer some concrete alternatives to the laissez-faire philosophy of this Administration and to its militaristic foreign policy." Most of the Democratic candidates are cautious about criticizing "militarism," for fear of being tagged antidefense, and even more cautious about advancing big- spender ideas; the national deficit is already ruinous. Hart talks about a "more important role for Government, not necessarily...