Word: sovereigns
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...illusion to think that no sovereign country will default on its external debt because it would become a pariah in the international financial community. A repudiation of debt could occur as a result of radical political changes, as is possible in lit erally any Latin American country, or geopolitical decisions, as might be the case in Eastern Europe...
...Pacific Ocean, one of the great engineering achievements of all time and a boon to the seagoing nations of the world. Within the Canal Zone, our country was granted in perpetuity "all the rights, power and authority. . . which the U.S. would possess and exercise if it were the sovereign of the territory...
...more importantly, the idea that the United States should try to coerce the allies into cooperation once persuasion failed is nothing less than absurd. How does one justify American intervention in a legitimate business deal between sovereign nations? Only by assuming an all-important role for the United States as the leader of the free world, a western hegemony...
...Vatican, citing its status as a sovereign state, has so far declined to cooperate with the Italian authorities, and Marcinkus has remained inside the Vatican, where he cannot be questioned by the government. But Agostino Cardinal Casaroli, the Vatican's Secretary of State, has named three respected international bankers, all prominent Catholic laymen, to examine the I.O.R.'s role in the scandal.* Casaroli has pointedly not suggested that Marcinkus did anything illegal. At the same time, however, the Archbishop of Florence, Giovanni Cardinal Benelli, a former Vatican Under Secretary of State, has told the Italian magazine Il Sabato...
Many lawyers welcome the shift away from sovereign immunity for municipalities. Argues Detroit Attorney Robert Dinges: "A city is no different from General Motors. If it commits a wrong, it should be just as liable as anyone else." Other lawyers, however, fear that the legal gains are outweighed by the losses. "A city is not like General Motors," says William Dietrich, Detroit's assistant corporate counsel. "If GM gets hit with a $1 million claim, it raises the price of its cars. When the city gets hit with $1 million, it lays off ten policemen. The people are going...