Word: defaulting
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...declared equally emotional Council President George Forbes: "If there is default, it will rest squarely on the shoulders of the mayor of Cleveland." A normally calm professional financial adviser to the city clenched his fist. "It's driving me crazy," he said. "This is a political default. It's not a question of finances." Thus Cleveland last week became the first major city since the Great Depression to default. And it did so not because the situation was beyond saving, but because the mayor, councilmen and bankers went into a tizzy of bickering...
...mayor's foes did not buy the package, however. All day Friday, bankers, businessmen, economic consultants, the council and the mayor held meetings to try to find a compromise that would stave off default. As failure seemed imminent, Forbes offered a soothing prediction: "Come Saturday morning, the sun is going to shine, or it is going to snow." But as the city's credit rating plummets and outright bankruptcy looms, drastic cutbacks in all city services seem inevitable. Or, as Kucinich so aptly put it when a midnight deadline passed: "There will be six months of chaos for this...
...American liberal establishment--guilt-ridden over Vietnam, frustrated by the failures of the Great Society--has lost the nerve to engage in this global battle of values. The third is that the Soviet Union is still the principal carrier of totalitarian disease, and that, as a result of the default of the American liberal elite, it has now gained the upper hand. To Moynihan the challenge is that clear-cut, and all the more so because he imposes upon it an essentially aristocratic grid. The real duel is not people to people or belief-system to belief-system...
This means that if the South African government is pressed for cash, Manufacturers Hanover will obligingly give them all the time they need to repay their loans. Surely the bank could insist that the government repay on schedule--the government would not dare default. Yet Manufacturers Hanover, rather than putting pressure on the apartheid regime by withholding loans, helps that regime out of a tight spot--a role that U.S. banks have played for far too long in South Africa. The University claims to oppose such behavior by banks--yet now we find members of the Corporation trying to justify...
Last week the city council met in emergency session to find a way out of the city's most pressing problem: a shortage of money. According to some estimates, Cleveland is running a $16.5 million deficit and may have to default on $15 million in short-term notes that come due next month. One way out, says Finance Director Joseph Tegreene, 25, is to float a $50 million bond issue in December. But the city's credit rating is as low as New York City's was during its 1975 financial crisis...