Word: disasterously
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Dates: during 1970-1979
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The Istanbul eruption was only one symptom of a creeping malaise that is infecting Turkey. Inflation plagues the economy. Turkey's balance of payments is $300 million in the red. U.S. economic aid dropped from $237 million in 1963 to $40 million last year, and promises to go even...
Then last May catastrophe struck. One of the worst earthquakes in history annihilated several Peruvian villages and towns, killing 50,000 people and leaving other thousands homeless. Aid poured in from sympathetic countries, among them France, Spain and Yugoslavia. Cuba's Fidel Castro flamboyantly donated a pint of his...
Both the Penn Central debacle and the general corporate cash bind raised concern about the precarious condition of the commercial-paper market (see following story). Like Penn Central, many companies have been using short-term borrowings in that market to finance long-term projects, a classic formula for disaster. Now...
For corporations, heavy reliance on commercial-paper borrowing is inherently risky. The issuing company incurs debt that must be almost continuously repaid by selling new paper or borrowing elsewhere; a temporary cash shortage or a drop in the company's credit rating can bring abrupt disaster.
Foiled Again? With that disaster, the glory days of commercial paper may be ending, and some new financial difficulties may be beginning. The big buyers of commercial paper are now carefully scrutinizing the credit worthiness of the issuers, and many companies may have difficulty selling new paper. They may then...