Word: defaulting
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...willing to purchase the high balance loans, on which they made a lot of money but they were very uninterested in being involved in any of the low balance loans, which were unlikely to make any profit for them and the ones which were most likely to go into default...
...first of the new setbacks occurred last July when the Washington Public Power Supply System, or WPPSS (more widely known by the satiric sobriquet of "Whoops"), defaulted on $2.25 billion worth of bonds. The consortium of 23 electric companies, which had postponed or canceled construction of four of its five proposed nuclear power plants, had sold the securities to help finance two of the facilities. The WPPSS default, the biggest municipal bond failure in history, shook financial markets and raised questions about the ability of utilities to manage nuclear plant construction...
...these effects are projected by economic think-tank Data Resources Inc. should South America declare a general default on debt owed to U.S. banks. The international debt crisis, which began in 1981, is deeply rooted in world events of the past 15 years, and shows with painful clarity how tightly the U.S. economy is bound to the rest of the world...
...banks had one reason for calling major national default "unacceptable" during the '70s: How could entire nations, with tens of millions of citizens, default on billion-dollar loans Now their reason for comfort is different, as stated by Platten. They've gone so far that the Western governments cannot let them fail. No one even wants to guess at the full effects of an international banking failure, but the scenario described by Data Resources Inc would surely be a conservative estimate of the outcome...
Perhaps the most intractable problem Alfonsin faces, however, is the Argentine economy. The nation's $40 billion foreign debt has pushed it to the brink of international default, while at home Argentines luffer under triple-digit inflation and 15% unemployment. The new government's economic plans are a closely guarded secret, but initial measures are expected to include price controls and selective cuts in spending. Alfonsin's ability to restore a semblance of order to Argentina's tattered economy may be the most imporant barometer of his success...