Word: standoff
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...been 14 years since marine archaeologists rediscovered the U.S.S. Monitor, the Civil War ironclad that sank in a storm near Cape Hatteras, N.C., ten months after the historic 1862 standoff with its Confederate counterpart, the C.S.S. Virginia.* Since then more than 100 artifacts have been recovered from the wreck, including wine bottles and a 1,300-lb. anchor. Despite the Monitor's designation in March as the country's first undersea National Historic Landmark, scientists and Government officials have been unable to decide whether the ship itself can be salvaged. Last week, after a 14-day expedition...
...decision is intended to buttress the bank's financial statement, which until now has been steadily profitable (see chart). But the move could have a profoundly unsettling effect on the hundreds of other international banks and dozens of debtor countries involved in the five-year- old Third World debt standoff. At one stroke, Reed had admitted that Citicorp, and probably most other large banks as well, may never collect on major portions of the onerous Third World debt burden...
...renewed debt standoff came just as there appeared to be fragile signs of economic renewal in the battered Philippines (pop. 56 million). After two years of dramatic slump, the country's $32 billion economy is expected to grow an impressive 6% to 7% this year. Inflation has fallen from 40% two years ago to about 1% or 2% today. Free-market-oriented economic reforms by the Aquino government have also laid the groundwork for future growth. Says Gordon Westly, vice president of Manila's American Chamber of Commerce: "We're on the slow road to recovery...
...comforting thought occurs, as the preposterous story of the great embassy standoff unfolds, that both superpowers are spending so much time, manpower and money on that shady struggle that they will be too depleted for real...
...warring factions have since settled into an uneasy standoff, as Deng has sought the middle ground. That was clearly evident last week when Premier Zhao Ziyang, a leading Deng disciple, delivered the Congress's opening address. While some reformers "are not sober-minded enough," Zhao declared in his 1-hour, 50-minute speech, their conservative opponents may not be "mentally emancipated enough." In any case, Zhao said, the government has already rooted out the worst excesses of reform: "After several months of work since the end of last year, we have curbed bourgeois liberalization, which was once quite widespread." Having...