Word: defaulted
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...Three years ago, the city was strictly persimmon as it puckered its way through an attempt to recall its abrasive Democratic child-mayor, 31-year-old Dennis Kucinich. Then, in December 1978, Cleveland failed to pay $15 million of its debt, thus becoming the first major U.S. city to default since the 1930s. Democrats outnumber Republicans 7-to-1 in Cleveland, but Voinovich nevertheless managed to trounce Kucinich by a vote of 56% to 44% in 1979. "I've got work to do," said Voinovich after his election. "My war will be to save one of this country...
...coal exports to the West, one of the country's most important sources of trade revenue, are off 29%. As a result, Poland last March failed to make scheduled payments on the staggering $27 billion debt that it owes Western governments and banks and technically went into default. Moreover, the Poles urgently need as much as $4 billion in new loans merely to keep up with interest on their current debt and pay for vital imports, including grain, oil and iron...
...victory in the singles competition, beating John Van Nostrand, 6-2, 4-6, 7-5. Down 5-3 in the final set. Terner battled back to force a tiebreaker and take the match. The Crimson notched its other win when an injury forced Pepperdine's second doubles team to default...
...Democrats to attack so popular a President. Instead, he would give Reagan all he wanted, sit back and watch the President fail. It was a precarious, cynical approach, and O'Neill would never admit publicly that his objective was, in effect, to lose now and win later by default. So devoted was O'Neill to his own plan that he impulsively predicted a week before the budget vote that the fight was already lost. His colleagues, unaware of what their leader was up to, were more than ever convinced by that cave-in that...
...agreement, as one Western banker put it, was like "applying a Band-Aid to a patient in the intensive care unit." Ultimately, Poland's creditors may have no choice but to shore up their profligate client. Since Warsaw has almost no recoverable assets abroad to offset losses, a default would be nearly as costly for the lenders as for the Poles themselves. Summed up a British banker in London: "In a real sense, we are condemned to salvage the Poles...