Word: defaulting
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...because she is the prettiest or cleverest or most accomplished of her debutante crop. She admits that she was deemed ultra-deb partly by default: while her peers went off to college, Cornelia stayed in New York City and spent her time at stylish parties, wearing couture dresses. "Reading books for four years is an excuse not to work," she hazards, "unless you're going to be a plastic surgeon or something." Cornelia earned her high school diploma at home, by mail. "I have an education," she says. "I can add and subtract and read...
...three times that of Japan's; it is $154 for every man, woman and child on earth. It has mushroomed from about $ 100 billion only twelve years ago, keeping borrowers in bondage and lenders in growing suspense. Much of it may never be paid off, and a major default somewhere, somehow, could trigger far-reaching political and economic reactions everywhere. The global economy is sitting on a debt bomb...
Perhaps with that in mind, most lenders try hard to play down the problems and insist that talk of default, let alone bankruptcies, is ill founded. "Foreigners have been borrowing our money since 1902, when we opened our first [overseas] branch in Shanghai." Citicorp Chairman Walter Wriston told TIME. "Our loan losses overseas are not a third of what they are from those good people who borrow our money and speak our language. There are few recorded instances in history of governments, any government, actually getting out of debt. Countries do not fail to exist." The rescheduling of Mexico...
...possibility of a country defaulting rather than accepting the IMF'S austerity demands cannot be dismissed out of hand," says New York Financier Felix Rohatyn. Notes Stuart Greenbaum, professor of banking and finance at Northwestern University: "Imagine you are a Latin dictator deep in debt. If you [accept IMF terms and] cut back on imports, you get riots in the streets. If you default, you are ostracized by the world capital markets. Now if the first approach leaves you swinging from a tree branch, you know you are going to go the default route...
...swallowing an increasing percentage of export earnings. Though some of the biggest borrowers have owned up to their problems, other surprises could lie ahead. A combination of three or four medium-size countries' getting into difficulty at the same time could prove more troublesome than one large default...