Word: defaulting
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...been takin' the mickey. I got your number, mate. You're the original pig. Numero Uno." Despite the leather gear, dyed hair and garish makeup, Miles recognizes this apparition as an old, inspiring friend. She is Erato, the classical Muse of lyric poetry and, by historical default, of fiction as well...
...sharp price hikes and the second peso devalua tion in six months. Most was Silva Herzog's admission that Mexico was unable to meet current payments on its huge $80 billion foreign debt, among the highest in the Third World. The statement raised the specter of a possible default that would have a domino effect on the international banking system. No one was more concerned than U.S. bankers, who hold about 60% of Mexico's debt...
Indeed, rumors ripped through Wall Street late last week that two major New York banks, Manufacturers Hanover Trust Co. and Chase Manhattan, had extended so many loans to Mexico that a default would leave them insolvent. Both banks denied the reports, but rates for three-month maturity U.S. Treasury bills plunged to a 26-month low of 6.99%. Three of the world's largest banks-Bank of America, Citibank and Lloyds Bank...
...forestall a default, Silva Herzog had spent a weekend in New York City just before his televised speech. He returned home with the promise of a $1 billion advance against future oil sales from the U.S. Treasury's Exchange Stabilization Fund and another $1 billion loan from the Commodity Credit Corporation for grain purchases from the U.S. Meanwhile, an additional loan of $1.5 billion was being negotiated with the central banks of seven other Western countries and Japan...
...shorter-term problem than the one in Poland." Working in Mexico's favor is the oil pool, which, despite declining prices, guarantees a substantial future export income. Another, paradoxically, is the sheer magnitude of the country's debt; rather than spark widespread financial chaos by declaring a default, international bankers have little real choice but to reschedule Mexico's payments. Finally, Mexico's strategic and economic importance to the U.S. means that the oft vilified Tio Sam can be counted on, once again, to lend a helping hand...