Word: default
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More Democrats may be elected to office in 1982 than in 1980, but such success will come from the default of the opposition, not from any bold, well-articulated alternatives to current Administration policies. Tip O'Neill still mumbles and munches...
After 118-pound co-captain Paul Widerman won on a default, the Crimson dropped 10 consecutive points in the following two weight classes to fall behind 10-6. Freshman Phil Kline was entangled in a tight 7-7 match when he suffered a pin, and Harvard's Dan Medalie, pitted against one of UMass' strongest wrestlers in Doug Johnson, succumbed to a 16-7 decision...
...Treasury and State Departments, however, officials argue that there is nothing to be gained at the moment by declaring default. The current payments merely continue the process, which was begun last year, of rescheduling Poland's debt obligations. The U.S. action does not relieve Warsaw of the duty to pay the money eventually. The Poles are currently not being allowed to borrow more, nor do they have enough assets that could be seized to cover their debt. Poland is at least attempting to pay off some of its interest obligations to private Western banks, and has met close...
European leaders and bankers, and officials of the International Monetary Fund are also firmly against declaring Poland in default, arguing that it would hurt the Western banking system more than the East-bloc economy. Because West Germany, France and England hold much of the Polish debt, they would quickly be forced to declare default and chase after Warsaw's assets if the U.S. took such action. The West would have severe trouble if forced to absorb not only Poland's debt but also the $52 billion owed by Hungary, Rumania and other Eastern European countries that may have...
...dilemma has split the Administration. Weinberger made clear his dissent from the current no-default policy at a dinner with reporters last week. At the next National Security Council meeting, Weinberger in effect apologized for his indiscretion. Reagan, however, made it known that the issue was still open, telling intimates that he was only deferring default "for the moment." Poland has more than $100 million of federally insured payments that are due to U.S. banks in February and March, and $221.3 million more due this year. Although the U.S. has not played its default card, neither has it been discarded...