Word: polese
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One tough condition, though, was that the Poles, who had already paid more than $2 billion in interest this year, had to put up an additional $500 million in debt service charges before the end of the year. The Warsaw government scrambled to raise foreign exchange to make the interest...
Although Communist governments have traditionally been some of the best credit risks in banking, a Polish default would change views about all future East European loans. Warned a leading West German banker last week: "The Soviets must know the dangers of not financing the Poles. It will be cheaper for...
Soviet action in world financial markets last week, however, left Western financial analysts more puzzled than enlightened about the Soviets' future action. Moscow continued its recent major gold sales, even though they were forcing down the price. In the past three weeks the Soviets have sold an estimated 100...
The troubles that have brought the proud, highly civilized and immensely accomplished Poles near the brink of social chaos and economic collapse are both deeper in their origins and wider in their ramifications than the many problems that beset the industrialized democracies of the West. In Poland, the system is...
The result is a society that perversely manages to combine contradictory vices: profligacy on the part of the collective and scarcity for the individual; draconian control and hopeless inefficiency; laziness and zealotry; cynicism and dogmatism; subservience and bullying. These excesses, shortcomings and defects have been institutionalized in ways that almost...