Word: wiped
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Greenspan was afraid that domestic politics might eventually compel an economically struggling borrower to default on all its loans, encouraging other countries to follow suit. That, in turn, would confront Western finance officials with a cruel choice. On the one hand, the lenders could wipe the worthless loans off their books and invite a worldwide financial contraction because of dwindling monetary reserves. On the other hand, central banks could attempt to avoid such a massive depression by buying up the defaulted loans. That would keep the international financial system functioning, but it would also cause a wild new burst...
...Capitol steps earlier in the week to promote this tantalizingly simple solution to what is an immensely complicated problem. As some 5,000 partisans interrupted him 26 times with applause, the President declared it was time for the Government he heads to learn that "its job is to wipe out deficits and not let deficits wipe...
...first war in which the country's life was not threatened." One has only to look at the bunkers and caches of the P.L.O., overflowing with weapons, to recognize that the P.L.O.'s goal has been and remains to destroy Israel totally and wipe it completely...
...when their patrol was ambushed at night. The aim of such small-scale operations, as a P.L.O. commander put it, is "to keep up a war of attrition that the Israelis will not be able to tolerate for long." But Israeli anti-terror squads were confident that they could wipe out the guerrilla threat with mopping-up operations in the low-lying hills between Tyre and Damur. According to Israeli intelligence officials, the area is "far from being free of the terrorists, but the situation is improving...
Hardest hit was Chicago's Continental Illinois National Bank & Trust Co., the seventh largest American commercial bank, which had made about $1 billion worth of loans in cooperation with Penn Square. Losses on the loans are now expected to wipe out Continental Illinois' anticipated $59 million profit for the current quarter...