Word: defaulting
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Because Hungary relied so heavily on short-term bank deposits, it was especially vulnerable to the credit squeeze that hit Eastern Europe after Poland's near default. But unlike the rest of the Soviet bloc, Hungary has been able to raise new loans in the West ($1.6 billion in 1982) to strengthen its cash position, partly owing to Western confidence in Fekete's economic management. The country last year joined the International Monetary Fund, and it has since met the organization's stiff loan requirements. Hungary succeeded through an austerity program that included a cutback in imports...
...Aside from saving international banking, I can't think of anything he's done," quips Economist Donald Ratajczak of Georgia State University. By easing up on the U.S. money supply, Volcker ensured that cash would be available for loans to troubled borrowers like Mexico, which was near default. Moreover, Volcker was the leader in arranging a $5 billion rescue package that kept Mexico financially afloat...
Like Mexico, Brazil has been wobbling beneath a crushing load of foreign debt. But unlike Mexico, Brazil is increasingly unable to repay its loans, which total some $84 billion. The threat of a Brazilian default on that debt is sending jitters through world financial markets. Last week Federal Reserve Chairman Paul Volcker called together the top executives of New York City's six largest banks, which have loaned Brazil at least $12.7 billion, to review the deteriorating situation. The moneymen at the meeting agreed that the South American country will probably need loans worth at least an additional...
...Wall Street, the WPPSS (nicknamed Whoops) situation is being compared to the near default by New York City in 1975. Investment bankers are hoping for the best, but some expect the worst. Says David Jones, an economist with the brokerage firm of Aubrey G. Lanston: "This situation is another Mount St. Helens waiting to happen...
Utilities in the Pacific Northwest, which agreed to use power from Plants 4 and 5 and were supposed to help finance the project, are now pushing it toward default. They signed contracts, known as take-or-pay agreements, that obligated them to pay for the reactors whether or not they generate any electricity. Now the utilities claim, among other things, that the contracts are unenforceable and that they were misled by official projections about future energy shortages. Most of the utilities have stopped payments to WPPSS, and by the end of June, 88 utilities will owe it $62.4 million...