Word: repaying
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...finally arrived last week for the Washington Public Power Supply System. D for default. D for debacle. With its coffers almost empty, WPPSS or Whoops, as everyone now calls the agency, formally declared that it could not repay $2.25 billion in bonds used to finance partial construction of two now abandoned nuclear power plants in Washington State. It is by far the largest municipal bond default in U.S. history, and the damage is incalculable. The fiasco has robbed thousands of investors of their savings, shaken confidence in the municipal bond market, angered and humiliated the people of the Northwest, tarnished...
During the past 25 years, millions of students have received Federal Government loans to help defray their college expenses. But 1.5 million of them have since flunked a morality test: they have failed to repay their debts, leaving Uncle Sam holding the bag for $1.8 billion. Last year Education Department officials used a computer search to identify 46,000 federal employees among the defaulters. Result: 5,000 promptly anted up $2.3 million. Now the remaining 41,000 are being told they must pay up in 30 days or their wages will be garnisheed at the rate of 15% per paycheck...
...expansion is forcing the Fed to make delicate decisions. Volcker could push interest rates up sharply to slow money growth, but that would risk aborting the seven-month-old recovery. A big jump in credit costs could also cripple the ability of such borrowers as Brazil and Mexico to repay their U.S. bank loans. "We're going through the moment of truth," says Republican Congressman Jack Kemp of New York, a leading critic of tight-money policies. "What the Fed does now will determine the fate of the economy for the rest of the year, perhaps longer." Kemp said...
Despite those advantages, Costa Rica is a land of anxiety. It is, for one thing, virtually bankrupt. In the past two years, the colón has been devalued by almost 600%, and the country shows few signs of being able to repay an estimated $4.2 billion in foreign debt. While still relatively tranquil, Costa Rica has begun to experience tremors of violence that in some cases can be traced to the leftist Sandinista government of Nicaragua, whose rise Costa Ricans enthusiastically abetted. Providing sanctuary and financial support for the Sandinistas during their 1979 revolution was a top priority...
Like Mexico, Brazil has been wobbling beneath a crushing load of foreign debt. But unlike Mexico, Brazil is increasingly unable to repay its loans, which total some $84 billion. The threat of a Brazilian default on that debt is sending jitters through world financial markets. Last week Federal Reserve Chairman Paul Volcker called together the top executives of New York City's six largest banks, which have loaned Brazil at least $12.7 billion, to review the deteriorating situation. The moneymen at the meeting agreed that the South American country will probably need loans worth at least an additional...