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...been hit with a one-two punch that leaves them wondering where to turn next. First, on Dec. 5, the waters of the Meramec swept through the town in the worst flood in Times Beach's history. The town, which sprang up in the 1920s as a summer resort and later became a permanent working-class community, is now a picture of near desolation. A muddy brown film coats the small clapboard houses and trailer homes, many of which are ripped apart. Stoves and pieces of carpet sit in yards. Piles of trash and decaying food are heaped everywhere...

Author: /time Magazine | Title: The River Rats Want to Stay | 1/10/1983 | See Source »

...last week's sessions, which alternated between Khalde, a Lebanese seaside resort south of Beirut, and the Israeli border community of Qiryat Shemona, the two sides found little to agree on. The head of the Lebanese delegation, Antoine Fattal, declared that Lebanon had never wanted to be a source of hostile action against Israel and was neither "responsible nor accountable" for the longtime presence of the Palestine Liberation Organization within its borders. David Kimche, director-general of Israel's Foreign Ministry and head of his country's delegation, replied that Lebanon's signing...

Author: /time Magazine | Title: Middle East: False Optimism | 1/10/1983 | See Source »

...loses $16 million 'T is the season when the beautiful people cluster at one of their favorite In places, the Spanish Mediterranean resort of Marbella, just west down the coast from Malaga. Clustering there too this Christmas, alas for them, were the creme de la creme of criminals. When Francisco Yelamo, director of the Marbella branch of the Banco de Andalucia, unlocked his bank on the town's main street, the Avenida de Ricardo Soriano, at the end of the Christmas holiday early last week, he opened the doors on a burglary so thorough that it rocked...

Author: /time Magazine | Title: Spain: Holiday Heist | 1/10/1983 | See Source »

...trace. At week's end police were still trying to learn how much had been taken. Some of the wealthy victims were not in Marbella last week; others preferred to wait to talk to the police until after the mob of Spanish journalists who had swarmed to the resort had disappeared. In addition, some of the money that had been taken might have been what the Spanish refer to as "black money," undeclared income that its owners would just as soon not mention to the authorities...

Author: /time Magazine | Title: Spain: Holiday Heist | 1/10/1983 | See Source »

...bank. Its powers vary from nation to nation. But whether it be the U.S. Federal Reserve system, the Bank of England or the West German Bundesbank, its official duties usually include issuing banknotes, controlling the money system, supervising the banking industry and acting as a lender of last resort...

Author: /time Magazine | Title: The Debt-Bomb Threat | 1/10/1983 | See Source »

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