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Perez, who has long inveighed against his continent's onerous financial burden, had finally found austerity unavoidable. Venezuela owes foreign creditors, largely U.S. commercial banks, about $33 billion. In the 1970s, when the country was awash with petroleum revenues, the government that Perez headed spent lavishly on social-welfare projects and industrial schemes. But as oil prices took a dive in the 1980s, so did the economy, which earned 90% of export revenues from petroleum. Hard-pressed for cash, Venezuela last Dec. 31 suspended payments for 90 days on the bulk of its foreign obligations...

Author: /time Magazine | Title: Venezuela Crackdown in Caracas | 3/13/1989 | See Source »

...several American sportswriters who had misplaced their cynicism in the excitement of the city. At Inchon, John Jeansonne of New York's Newsday hit an invisible speed bump and took an incredible header, but with an Olympian effort kept the torch from touching the ground and finished his kilometer awash in Mercurochrome...

Author: /time Magazine | Title: Olympics Special Section: Fantastic Flight of Fancy | 9/26/1988 | See Source »

This summer I learned that neither she nor Iwas correct. Sports is not, as many have said, areflection of society. It is society. Sports islike the Southside Speedway, all awash in gray...

Author: By Mark Brazaitis, | Title: Summer in Richmond Shaded in Gray | 9/16/1988 | See Source »

Proclaiming itself as the Host to the Future, the Big Easy is awash in red, white, and blue--from the business district to Bourbon Street. For a city that has suffered since oil prices collapsed, Republicans, and the money they'll spend this week, are a welcome sight...

Author: By Frank E. Lockwood, SPECIAL TO THE CRIMSON | Title: Grand Old Party Parties | 8/15/1988 | See Source »

...Carlucci may feel a twinge of envy on his travels in the Soviet Union. While the Pentagon is awash in public procurement scandals, the Soviet armed forces operate behind a veil of secrecy that even insiders cannot always penetrate. Marshal Akhromeyev stunned his hosts during his recent U.S. tour by conceding that military leaders do not know precisely how much the Kremlin spends annually to develop weapons. Procurement as well as research and development is funded by the central government, he said, and the costs do not show up in the military budget. Those two items alone represent close...

Author: /time Magazine | Title: Soviet Union The Big Shake-Up | 8/8/1988 | See Source »

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