Word: defaulting
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Fallout from a record default spreads from Washington State to Wall Street...
...finally arrived last week for the Washington Public Power Supply System. D for default. D for debacle. With its coffers almost empty, WPPSS or Whoops, as everyone now calls the agency, formally declared that it could not repay $2.25 billion in bonds used to finance partial construction of two now abandoned nuclear power plants in Washington State. It is by far the largest municipal bond default in U.S. history, and the damage is incalculable. The fiasco has robbed thousands of investors of their savings, shaken confidence in the municipal bond market, angered and humiliated the people of the Northwest, tarnished...
Over the past decade, Whoops borrowed $8.3 billion to start construction on a total of five nuclear plants, only one of which is likely to be completed. The bonds in default were issued for two plants that Whoops calls Projects 4 and 5. Some $6 billion worth of other Whoops bonds for Projects 1, 2 and 3 are in no immediate danger of default, but investors are increasingly afraid that these securities will also eventually be in jeopardy. Projects 1,2 and 4 are located at the Hanford Nuclear Reservation in eastern Washington, while 3 and 5 are at Satsop...
After the President's speech, IMF officials praised his new austerity program. At week's end Brazil and the IMF negotiators were putting the final touches on a preliminary agreement clearing the way for additional loans that would save the country from default. Backing down from its earlier demand, the BIS announced that it could wait for its $400 million until Brazil had new IMF money. Confident that the immediate financial crisis was past, Figueiredo jetted away to keep his doctor's appointment...
...other tests, the physician gradually determines that the patient has not suffered a series of small strokes, does not have Parkinson's disease, a brain tumor, depression, an adverse drug reaction or any other possible cause of dementia. If all tests are negative, AD is diagnosed by default. This conclusion may be further verified with psychological tests...