NEW YORK: Twice Saved at the Brink

New Yorkers got some good news for a change last week as crises on two fronts were at least temporarily cooled, if not finally resolved. On the brink of default, New York City, with some help from the state and major banks, found a device to cover $792 million in short-term notes that were due. And thousands of city and state doctors ended a nine-day slowdown protesting the runaway cost of malpractice insurance.

THE FINANCIAL FIX. For almost a month, city and state officials and a handful of private citizens chosen by Governor Hugh Carey had wrestled with New York's...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!