Word: basin
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Dates: during 1980-1989
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...Jamaica's economic ills. He promised a surge in exports and a flood of foreign investments as a result of free-market policies like lowered trade barriers, but neither has materialized. The U.S. is partly to blame. Key trade concessions contained in the Reagan Administration's Caribbean Basin Initiative have been held up for almost two years in Congress, while the U.S. recession reduced demand for Jamaican exports like bauxite, which is used to produce aluminum. From 12 million tons in 1980, Jamaica's bauxite exports fell to 7 million tons this year...
...preliminary estimate of the cost of restoring Grenada's lagging economy and its basic physical facilities is $100 million. That is close to a third of the Administration's proposed spending for its entire Caribbean Basin Initiative. Concedes one U.S. Caribbean specialist: "Whatever we give here has to be matched in the neighboring island states. Otherwise they will draw the undesirable conclusion that the best way to receive U.S. aid is to turn Red and then be rescued...
...subdued mood was appropriate to the occasion in more ways than one. The U.S. invasion of Grenada and the execution of Marxist Prime Minister Maurice Bishop that preceded and helped trigger the U.S. move have dealt Castro's influence in Central America and the Caribbean Basin a greater blow than any events since the missile crisis...
...purely unemotional, pragmatic level, this Administration's policy toward the Caribbean Basin in general and Grenada in particular has been a paradigm of idiocy. Before the coup in Grenada two weeks ago, the island was already ruled by a Marxist, Prime Minister Maurice Bishop. Although Bishop was hardly a proponent of American-style capitalism-perhaps with reason, given widespread rumors of a CIA-backed coup to depose him several years ago-he nonetheless realized it was in his country's interest to have cordial relations with the United States. To that end, he travelled to Washington last spring, only...
...taxes for wage earners. The government's share of potential offshore-oil revenues, which is expected to be between 8% and 16%, would wipe out a significant chunk of Ireland's $1.1 billion budget deficit. Until recently, Ireland's exploration for oil has concentrated on Porcupine Basin, a storm-whipped area of the Atlantic 130 miles west of Galway Bay. The poor drilling conditions and evidence of only small deposits in that basin prompted a shift of attention to the shallower, calmer Celtic Sea. The discovery of a field there entails one other bit of Irish luck...