Word: staving
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After the bailout of Mexico, the next major challenge for Volcker came in the summer of 1984, when Continental Illinois, once the seventh largest bank in the U.S., suffered a relentless run on its deposits after word got out about its immense pile of bad loans. To stave off a crisis, Volcker helped assemble a package of $4.5 billion in fresh commercial-bank loans for Continental. "This is a very historic thing," remarked a New York City banker. "This is the first time the Fed has been party to any kind of statement that 'nobody is going to lose.' " While...
...abroad. The biggest war concern in Tehran is , the uncertain role of the Soviet Union and the U.S. in the region. Iranians are confident they can defeat Iraq but worry about the two superpowers. Iran's worst nightmare is that the Soviet Union and the U.S. will combine to stave off any Iraqi defeat. Said one Western diplomat: "The two superpowers are telling Iran it can't win the war. Their presence here has become a sort of Iron Curtain." This spring the Iranian Foreign Minister flew to Moscow to plead for Soviet neutrality in the war, but he came...
...show centered on the union of the financially strapped Opera Winfrey Company and the country-western performers at the Bland Ole Oprey. The two groups join forces then stave of the assault of T.V. minister Holly R. Thanthou. Sounds stupid...
...approaching spiritual death," she said. "We must stave the tide of military aggression...
...story on the occasion observed, President Manuel Roxas took over a war-shattered country with "no national economy, no export trade. Next to Warsaw, Manila is the world's most devastated city." Two decades later, in a laudatory account of President Marcos' efforts to beef up the Philippine economy, stave off the Communist-dominated Huk rebellion and give the nation a sense of identity, TIME suggested that in a country with a "perennial need for heroes, Marcos -- with luck -- could meet that need...