Word: basins
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...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...
...investment in corrupt, feudal economies. But the means that have been applied to easing poverty so far have been totally inadequate; whatever the failings of the U.S., it cannot be accused of profligacy toward Latin America. To its credit, the Reagan Administration came forward last year with the Caribbean Basin Initiative, a joint effort by the U.S., Canada, Mexico and Venezuela to promote trade, investment and aid to the region. It was conceived largely in response to Jamaican Prime Minister Edward Seaga's call for a "mini-Marshall Plan...
Mini indeed. The original Marshall Plan for Western Europe after World War II was fueled by a U.S. contribution of $13.6 billion; that would amount to $50.9 billion today. Yet the initial U.S. price tag for the Caribbean Basin Initiative (CBI) was $350 million, less than seven-tenths of 1% of the Marshall Plan adjusted to 1983 dollars. Only last week did Congress pass a scaled-down portion of the CBI, 17 months after Reagan originally proposed...
Brazil is still a country rich in resources. Since the mid-1970s, huge new deposits of iron, manganese, nickel, copper, bauxite and gold have been discovered deep in the Amazon basin. To exploit this mineral wealth, the Brazilians have launched a mammoth development scheme, called the Carajas Project, that includes dozens of mines, a 550-mile railroad and a giant dam on an arm of the Amazon, all to be completed by 1990. The cost will be staggering: $61 billion. But the eventual income from the project, estimated at $14.6 billion annually, may be worth the initial expense...
...Sandinista threat. Nicaragua has said in an international forum that Honduras is threatening and hurting it. It is Nicaragua that is a base for a war of conquest in the Caribbean Basin. Nicaragua is supporting subversion in Honduras and uses our territory for the traffic in arms. We are also seeing a disproportionate growth in the Sandinista armed forces. In a period of three years, they have grown more than threefold [to 27,000]. I do not believe they are increasing their military just for parade purposes. When you think about the fact that the Nicaraguan economy...