Word: polese
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As the Pope moved through the crowds in the steaming tropical heat, there were also echoes of another painful concern that some Vatican insiders feared was becoming an overriding papal preoccupation: the crisis in his native Poland. When a group of Poles working in Nigeria caught his attention in the...
Moreover, bankers warn, calling the loans would dry up the trickle of payments that the Poles are actually making. Says a leading U.S. moneyman: "Poland is not paying anything more than nickels and dimes right now. But with default, we don't even get that."
Washington, meanwhile, is taking a wait-and-see attitude. The Reagan Administration last month kept the Poles out of default by paying $71 million in gram-export loans that Warsaw owed to U.S. banks. That sum, however, is dwarfed by the $1.7 billion that American banks have loaned Poland, and...
The Soviet Union has publicly taken a hands-off attitude toward the debts of its satellites. Records of the Bank for International Settlements in Basel, however, show increases in Soviet borrowings and steep drops in its foreign currency reserves. Says a highly placed international financier: "Part of this activity is...
That call for springlike optimism was a tall order in a country where two months of wintry martial rule has crushed the independent Solidarity labor movement, put more than 5,000 of its members and sympathizers in detention camps, clamped severe restrictions on personal liberty, and left at least ten...