It is proposed that cosmic gamma-ray bursts (GRBs) are generated on ol
d (t > 10(8) yr), nearby (within <100 pc) neutron stars when their sol
id crusts crack as they readjust to the new equilibrium configurations
as the neutron star rotation slows down. Such slowly rotating, old ne
utron stars could be either faint long-period (p > 3 s) pulsars or wea
kly modulated variable radio sources. To match the observed rate of GR
Bs (-1 day(-1)) to the mean density of old neutron stars in the Galact
ic disk (similar to 10(-3) pc(-3)), it is sufficient to assume that th
e interval between bursts on a single neutron star is a few decades.