Word: defaulting
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Volcker must be careful, though, because his actions will ripple through the world economy. Developing countries such as Mexico and Brazil are still staggering under their enormous foreign debt load. If U.S. interest rates rise enough to stall global economic growth, debtor nations could conceivably go into default and trigger a banking crisis. Says William Mason, who heads an investment advisory service in Los Angeles: "An aborted recovery would be not only a national disaster, but an international disaster as well. Volcker understands that...
...court 15 ft. into the sky, across a fence and into the audience. He also lost, owing to a warning for "racquet abuse," a point's deduction for "an audible obscenity" and a delay of game penalty that cost him a tie breaker and a set. "You cannot default the No. 1 or No. 2 seed because they are the life of the tournament," complained Pfister afterward. "Tournaments don't need a guy like...
WPPSS heads toward default...
...Last week things got even worse. The Washington State Supreme Court unexpectedly ruled that nearly 30 public utilities did not have to pay their share of the $2.25 billion owed WPPSS for building costs. The decision pushed the system a step closer to the ultimate whoops!-the largest municipal default in history...
WPPSS is now $8.3 billion in debt and has no visible source of income. A Washington State judge temporarily saved it from default on May 31, when it failed to make a $15.6 million monthly interest payment, by issuing a temporary injunction. But after last week's court ruling, Washington State Senator Al Williams conceded: "Default is now pretty much assured, and bankruptcy is more likely." Barely enough money is being held in a reserve account to pay interest charges of $93.7 million that come due July 1. After that, the cash will be gone...