Word: slashed
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Dates: during 1980-1989
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...ailing Frontier Airlines decided in May to sell 25 jets, about half its fleet, in order to raise $265 million. -- Major carriers have been forced into a war of so-called Ultimate Super Saver fares, which slash prices on some routes as much...
Airlines that fail to slash costs during the next several years may wind up bankrupt, as Air Florida did last year, or be forced into a merger with more aggressive partners. One of the most likely candidates for a takeover, or even demise, is Pan Am, which has lost some $770 million since 1981. Though the company bought more time for itself by selling its Pacific routes to United, it has almost nothing left to dispose of without going out of business...
...bankers have little reason to rest easy, however. To satisfy the IMF, Argentina made promises that will be very hard to keep. The country pledged to slash its 1,010% inflation rate to 150% by next spring. To help do that, the government of President Raul Alfonsin agreed to cut public spending by 12%, to hold wage hikes to only 90% of inflation and to set up a new unit of currency called the austral that will be worth 1,000 old pesos. Such measures could increase social unrest, but Alfonsin seems determined to see them through. Said...
...come right out and endorse a minimum tax at this stage of the budget process, congressional leaders are not + disavowing such a strategy either. "It's a live option," says Senate Majority Leader Bob Dole, whose own aspirations for the White House are tied closely to his effort to slash the deficit...
...could not rely on foreign capital indefinitely. Though he doubted that interest rates will rise anytime soon, he said that a diminished flow of money from overseas could eventually drive up the cost of borrowing. The only way to keep rates down, Schultze maintained, would be to slash the federal deficit. Said he: "If more is not done about the budget problem, we will probably see interest rates a lot higher...