Word: drain
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...lent so much to the city, New York State has a tough time borrowing money. Four state agencies, financed by the dubious "moral obligation" bonds, are in danger of default. If they cannot repay the $1.5 billion they owe over the next three months, they will become another financial drain on the hard-pressed state. To avert default, David Rockefeller, chairman of Chase Manhattan Bank, said federal aid might have to be given to the agencies...
Three burnt-out cases smolder on a Caribbean island. Roche, 45, is an altruistic white whose support of black causes once earned him torture in a South African jail. Now he is the house humanitarian for a local corporation, supervising a back-to-the-land project. Its design: to drain revolutionary energy away from foreign investments and native rulers. Jimmy Ahmed, a racial mix of yellow, black and white, runs this sham commune as a means of assembling responsive young boys; his heart is back in London, where trendy liberals once puffed him up from criminal to Third World celebrity...
...enthusiasm for much needed exploration. U.S. production of crude is in its fifth consecutive year of decline. And though oil companies completed drilling a record 25,729 domestic wells in the first nine months of this year, they have not found enough new reserves to offset the drain on old fields...
...member of the college generation of the '60s, I feel strange talking about something as unfashionable as national pride, but that is what is at stake here. We can't let our biggest, most adventurous, most exciting city go down the drain. Manhattan, is not just an island; it is a part of our heritage. Have we forgotten how to be proud...
Many European branches of U.S. banks received calls from nervous clients fearful that their deposits are in danger. "They think that a couple of New York banks are going down the drain," said one banking source. Added a French banker: "We had thought the dollar would strengthen into next year, but now because of New York we foresee a weakening dollar through next spring." The apprehensive mood was caught by the French financial daily Les Echos: "If a chain of bankruptcies of [U.S.] cities takes place, the credibility of the dollar itself will be under full attack around the world...