Word: defaults
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Dates: during 1980-1989
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...last year, bankers considered Mexico a model debtor because it had managed, through an austerity program that restricted spending at home, nearly to catch up on its foreign bills. But the plan was beginning to break down even before two crushing blows that have pushed the country close to default: last September's Mexico City earthquake, which saddled the country with $4.5 billion in damages, and a 50% drop in petroleum prices since November...
While most bankers might concede some of those terms rather than see Mexico default, they are concerned that whatever they grant one country will be demanded by the others. Indeed, the ministers who convened at Punta del Este issued a communique demanding "significant changes in existing agreements, in particular with respect to interest rates...
...NEWSPAPER STAFF has used its editorial discretion to state that its toleration of pornography--by default, because the alternative would be worse--does not preclude protest. It has expressed the view held by many of its editors that while Playboy and other forms of institutionalized sexism may be "socially acceptable," they should...
...M.I.T. Economist Lester Thurow warns that the austerity measures that Mexico has endured to pay interest on its debt could make it politically popular for the country's leadership to repudiate the loans. Said Thurow: "What better way for the Mexicans to tweak the Yank's nose than to default on all of the debts." That could set off a financial crisis in the U.S., where many large banks still have multibillion-dollar loans to Mexico on their books. De Vries said, however, that financiers were likely to work out yet another package of new credit with the country...
...Administration. He has the unpleasant duty, as the agent of the Federal Government's lender of last resort, to foreclose on farmers who cannot keep up their debt payments. After a two-year moratorium on foreclosures, Thomas is now sending out letters politely advising farmers on how to avoid default through loan reschedulings, reamortization, even voluntary liquidation. "It bothers me to foreclose," says Thomas. "If it didn't, you wouldn't be human. I try to leave my job at the office. Otherwise...