Word: third world
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Harvard is only the third Eastern team to win the NCAA tournament since 1973. If there ever was a time for Bill Cleary to spill his cliches about Harvard's special brand of hockey, it was Saturday. It was the perfect time to talk about the virtues of a skating team as opposed to a physical team. ("If you can't catch us, youcan't hit us.") It was the perfect time to talkabout the hockey world's anti-Harvard sentiments("Everyone wants to get the Johnnies.") Instead,Cleary gave a season valedictory...
...Even that well-oiled machine is wearing down under the same contradictions of Communism that have driven other East bloc economies onto the rocks. Pointing to the increasing scarcity of consumer goods, ten- year waiting lists for East German-made Trabant automobiles and deepening competition in foreign markets from third world producers, a Western diplomat in Berlin says, "They are treading water. Everything is getting pretty waterlogged...
Last week Treasury Secretary Nicholas Brady proposed a debt-restructuring plan that acknowledged that banks can not expect to receive back all the money they loaned to Third World countries during the late 1970s and early 1980s...
Most economic experts say the crisis began in 1982 when Mexico announced that it could not pay the interest on its external and private debt. The problem had its roots in a combination of factors, including banks rashly loaning money to Third World nations, the countries using the money for unneeded and bloated projects--usually called "white elephants"--the quick reduction of capital flowing to these nations, and most of all a crash in the prices of products the countries export. For example, the 1985 crash in tin prices helped crush Bolivia's economy, and the fall in petroleum prices...
...Frank Lorenzo hopes to rebuild the airline. -- A new Third World debt plan. -- Time and Warner join forces to form a communications giant...