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...

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