Word: globe
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Dates: during 1980-1989
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...worst-case scenario: a country with sky-high oil debts defaults on its loans to a major bank, causing that bank, and eventually others as well, to fail. Financial panic then spreads around the globe, bringing world trade and commerce to a crawl, much as happened during the Great Depression...
...surprisingly, bank officers are beginning to draw grim little circles around those areas of the globe that they no longer consider good credit risks. Reports TIME'S European economic correspondent Friedel Ungeheuer from Brussels: "In black Africa, no nation with the possible exception of Nigeria, an oil exporter, is still considered a good credit bet. Apart from Singapore, New Zealand, Australia, Taiwan, and Malaysia, all of the Far East is out. In South America, only Brazil and Venezuela, another major oil producer, can still count on jumbo loans. For most of the developing world, the borrowing spree is just...
...rise in the polls. A Newsweek poll conducted a week before the caucuses showed Reagan annihilating Bush, 45-6 per cent nationwide. Two weeks later, with the caucus history, a second poll showed Bush trailing Reagan 36-27. In what many believe to be strong Reagan country, a Boston Globe poll shows a one per cent Bush lead in New Hampshire. The Reagan camp has shifted gears, but many think it may already be too late...
...Manchester for the winter. A nice dream, but it hasn't happened. Brown's late effort in the Maine caucuses brought him 13 per cent of the Democratic vote. Supporters say he's got to pull at least that much in tomorrow's contest. But the latest Boston Globe poll finds the California governor a distant third with a measly 6 per cent. It is time, as the Brown people will tell us Wednesday morning, to reassess the campaign: facing the inevitable might be a better description...
Staff Writer Stephen Smith, who wrote the main narrative, became TIME'S Press writer in November 1978. An interest in print journalism came instinctively to Smith, a former senior editor at Horizon magazine and reporter for the Boston Globe, the Philadelphia Inquirer and other newspapers. But today he is a "network news junkie" as well; he watches an hour of TV news each morning and another hour at night, and sets his alarm clock each week to catch his favorite show, CBS's Sunday Morning, "perhaps the most imaginative and creative news experiment going on in journalism." Smith...