Word: dollarization
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Dates: during 1980-1989
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...persuaded representatives of Chrysler's 150 lenders, mostly banks, to wipe out the company's $1.1 billion in private debt; more than half of the outstanding loans will be converted to preferred stock, and the remainder can be paid off at the rate of 30? on the dollar. Miller also helped talk the United Auto Workers into what Union President Douglas Fraser called "the worst economic settlement we've ever made." The U.A.W. leaders accepted $622 million in additional wage concessions in exchange for a package of noneconomic gains, including a blue-collar profit-sharing program...
...Writer Ray Bradbury, who never learned to drive, is one of the few million-dollar earners in Los Angeles who rides buses and bikes. He has no regrets. "It's like sex and a twelve-year-old," Bradbury shrugs. "You don't miss what you've never...
Hagler's next defense will be in the spring, probably against former champion Vito Antuofermo. After that, a multi-million dollar showdown with either Sugar Ray Leonard or Thomas "Hit Man" Hearns is almost certain...
...mouth. Everyone I see is ugly. They are all ugly, ugly. Boxing is like a dirty rain filtering through the air of the city, bringing all the worms to the surface. I have never seen so many pork-pie hats in my life. I pay a dollar sixty for a cup of beer and head back to my seat. I am nauseous. I am hoping I can hide...
...Most of these boiled down to one word: money. A major sticking point concerned the return of $8 billion to $14 billion in frozen Iranian assets, much of which was encumbered by American claims and attachments. Another problem appeared to be the Iranians' insistence on a multibil-lion-dollar escrow account to guarantee the return of the late Shah's U.S.-held assets. Said an aide to Secretary of State Edmund Muskie: "That's really where it's hung. They are serious about it. But they have to understand that we are at the limit...