Word: cancun
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Dates: during 1980-1989
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...going through an emergency, a very real one." So said Mexico's Finance Minister, Jesus Silva Herzog, as he emerged from a conference on the international debt crisis in London last week. Silva Herzog was not alone in that assessment. In the Caribbean resort town of Cancun, his boss, Mexican President Miguel de la Madrid Hurtado, was closeted for 13 hours with Venezuelan President Jaime Lusinchi to discuss the plummeting world oil prices that are squeezing their heavily indebted economies. The two issued a communique expressing their "profound concern" over conditions in the oil market, which, they said, created...
Halfway around the world from Cancun, a similar flurry of nervous consultation took place. In the Saudi Arabian capital of Riyadh, Hussain Lwasani, the Iranian Foreign Ministry's director for African and Arab affairs, met with Saudi Foreign Minister Prince Saud al Faisal. Lwasani's mission, said a Saudi spokesman, was "related to the current oilmarket situation." A day later, Major Khoualdy Humaidi, a member of Libyan Strongman Muammar Gaddafi's governing Revolutionary Command Council, showed up for a session with Saudi King Fahd. Later, it was announced that the 13-member Organization of Petroleum Exporting Countries would hold...
Fahd's arrival to a 21-gun salute on the South Lawn of the White House marked only the second time he and President Reagan had met; the first was at the 1981 North-South summit of world leaders in Cancun, Mexico. The Saudis feel that Israel is currently vulnerable, and thus more susceptible than usual to U.S. pressures for a settlement, on two counts: its economy has faltered badly, and Reagan's re-election has temporarily reduced the clout of what the Saudis regard as an overpowering Israeli lobby. "The Palestinian question . . . is the cause of instability and turmoil...
Europe, of course, is not the only beneficiary of American savings accounts. Mexico, thanks to the devalued peso, is still attracting record numbers of tourists; at resorts from Cancun to Acapulco, many of the hotels are booked solidly through summer at bargain rates. One of the top tourist attractions this summer is Jamaica, stable again after several years of political turmoil. Israel, with diversified activities ranging from inner-tubing down the Hatsbani River to skindiving at Elath, expects more than 300,000 American vacationers, of whom only 50% are Jewish. India is cashing in on its recent film fame with...
Congress's recent increase of foreign aid allocations is only a small step in reversing the decline in U.S. aid since Reagan took office. The much-publicized meeting in Cancun last summer, aimed at dealing with North-South economic problems, met with only a promise from Reagan to seek further discussions. The Caribbean Basin Initiative, the president's impressive program to promote prosperity in Central America and the Caribbean, somehow got buried in the confusion of the lame duck Congress. Though targeted nations have received some aid, many more broad-range promises remain unfulfilled...