Word: defaulting
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...debtors chose negotiation over confrontation. Mexico persuaded the banks to stretch out its payments on $48 billion in loans, originally due between now and 1990, over 14 years at reduced interest rates. Brazil is seeking similar concessions. Argentina, however, played financial chicken with the banks, coming close to default. A day before one deadline, the country was bailed out by loans from several of its debt-ridden neighbors, including Mexico and Brazil. Argentina finally consented to an economic adjustment program overseen by the International Monetary Fund. In return, the IMF agreed to lend the country more than $1.6 billion...
...potentially explosive than their overseas loans. Foreign borrowers, mostly governments and companies, owe U.S. banks about $350 billion. The most dangerous loans are to such economically ailing Latin American nations as Mexico, Brazil and Argentina, which collectively owe U.S. banks $59 billion and have barely managed to avoid default over the past two years...
That feeling faded fast in August 1982, when Mexico's close call with default dramatized how unsteady the international debt structure had become. Since then, bankers have tightened their purse strings. In the first half of this year, U.S. banks managed to reduce the amount of their foreign loans by $9.4 billion, to $350 billion, by refusing to renew some credits...
...Sanjay was lionized in a death that the Minister of Agriculture called "the biggest tragedy of this century for the people of India." Yet hardly had Sanjay been cremated (at the same site as his grandfather) than attention turned to his brother Rajiv, who now seemed, if only by default, next in line for the prime ministership...
...wasn't all roses for Harvard. The B doubles team of Courtney Crockett and Smith were forced to default their semifinal round on Saturday. Smith had injured her back in her singles match that...