Word: defaulting
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Defense Secretary Caspar Weinberger, one of the Administration's principal proponents of declaring default, has reportedly argued that increasing the credit burden on Moscow might slow construction of a proposed $15 billion natural-gas pipeline from the Soviet Union to Western Europe. The U.S. is anxious to scuttle the pipeline because it would make Western Europe dependent on the U.S.S.R. for vital energy...
When a private borrower cannot pay back a U.S. Government guaranteed loan, he is declared in default. His credit rating and his good name are ruined. But when the debtor is another nation, especially a sensitive case like Poland, life is more complicated. Amid much internal debate and controversy, the Administration agreed to pay $71 million in January installments on money borrowed by Poland to finance grain purchases, deferring for now the option of declaring the military regime in default...
...substantive, tough action its tough talk about punishing those responsible for last December's military crackdown. Poland is clearly bankrupt; there is no way it can meet all of the interest payments on its outstanding $28 billion debt to Western nations and banks. With a public declaration of default, hard-liners argue, the credit of all Communist countries would be justifiably jeopardized and the failures of their economic systems exposed. In addition, refusing to keep Poland solvent would squarely place the burden of that country's economy on Soviet shoulders, and Moscow would have to come up with...
King has clearly staked out the right on fiscal and social issues. In a two-man race, Dukakis would inherit by default the left, a constituency he has not yet clearly earned. Riding on a crest of popularity, Dukakis has successfully ducked substantive discussion of the key issues in the race--taxes, education, housing, criminal reform. The major campaign change he says he intends to make over his ill-fated 1978 bid is that he will try harder to get elected--he has not said he would change any of his old stances if elected. O'Neill, on the other...
Even more disastrous than lost savings were lost homes, and more than 250,000 Americans had to default on their mortgages in 1932. In the summer of 1933, the new Home Owners Loan Corp. began providing loans of up to $14,000 at 5% interest. By the end of Roosevelt's first term, it had made more than 1 million loans totaling $3 billion...