Word: paz
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While the Andean country's borrowings are dwarfed by those of such neighbors as Brazil ($96 billion) and Argentina ($43.6 billion), the Bolivian action nonetheless shook moneymen. Phone calls from anxious foreigners flooded embassies, newspapers and government agencies in the capital city of La Paz. On Wall Street, prices slid further on a bond market still edgy over last month's near collapse of Chicago's Continental Illinois...
Last week's announcement from La Paz was part of a flurry of Latin American debt developments. In another key action, the U.S. agreed to extend a $300 million loan commitment to Argentina until mid-June. The credit will go into effect once Argentina reaches agreement on an economic austerity program with the IMF. Argentina will use the U.S. cash to repay loans from four other Latin countries that enabled it to meet March 30 interest payments to its banks...
...John Greenwald. Reported by Jorge Canelas/La Paz and Frederick Ungeheuer/New York
...second venture, the PAZ project, will soon start construction in the Williamsburg section of Brooklyn. It is a remodeling of a 1904 Y.M.C.A. building now owned by a Hasidic Jewish developer. The building will serve various commercial purposes, including housing a kosher restaurant, but it will also have a roof garden and spaces for religious festivities. As Wines designed it, PAZ (the name comes from the initials of the three principals in the development company) will resemble a ruined brick shell brought to life by a new glass enclosure. Two existing ornate portals will be replicated to provide four entrances...
...What may have mattered most about these years is not how close the world came to self-destruction, but that it did not happen, that the individual's claim on survival took precedence over all the wilder forces he let go. "Between the widening and the heightening," wrote Octavio Paz, "be tween the lips that say the Word and the Word itself, there is a pause, a sparkle that divides and claws: I. I'm not finished with myself yet." What is one to conclude then? That the self always prevails over the circumstances that oppose it? It hardly seems...