Word: polish
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Dates: during 1980-1989
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...technology elsewhere, and lots of people will provide them with grain. But nobody else can make the capital available." A default declaration might force the financially pressed Soviet Union to increase its aid to Poland and the other satellites, Rohatyn argues, and could drive the Soviets into liberalizing the Polish regime and making other political concessions in exchange for resumed Western lending...
...member of the board was willing to recommend a default during a discussion of the topic at this month's meeting. Lawrence Brainard, a senior international economist with Bankers Trust Co. in New York City, warns that default would set off "an unholy scramble" to grab the few Polish assets in the West. Unlike Iran, which had an estimated $12 billion in gold and bank deposits that was frozen by the U.S. Government in 1979, Poland has relatively little to offset its huge debt. Any effort to attach its ships or jetliners that happen to be in the West...
...allies applaud a policy of restraint. Said West German Minister of Economics Count Otto Lambsdorff in New York last week: "I feel it has been a wise and helpful decision not to officially declare a Polish default...
Whether Warsaw is defaulted or continues to pay only interest on its debt, the Polish situation has already had a major impact on Western lending to Eastern Europe. The Communist bloc as a whole owes the West some $70 billion. Aside from extending credit for the Soviet natural gas pipeline, Western lenders have virtually stopped making new loans. That will set back plans to modernize agriculture and other obsolete economic sectors. Said a European banker who refused to lend more money to East Germany: "I told them that I was sorry and hoped to do business with them again...
DIED. Lee Strasberg, 80, guiding guru of the Actors Studio who redirected both the training of actors and theatrical performance in the U.S.; of a heart attack; in New York City. Over five decades, the Polish-born Strasberg, a discerning but caustic pedagogue, helped shape such future stars as Dustin Hoffman, Jane Fonda, John Garfield, Al Pacino, Sidney Poitier, Eli Wallach, Paul Newman and Joanne Woodward. Strasberg's technique, the so-called Method, was inspired by a system developed by the Russian director Konstantin Stanislavsky. Through the use of physical and emotional exercises, Strasberg taught his pupils to forgo...