Word: debtors
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...restricting imports of Third World goods, the industrialized nations deny foreign exchange to the developing nations, thereby shrinking their own export markets and destroying more jobs at home than they would save through protectionism. Meantime, investment in new plants is retarded and Third World debtor governments-whose creditworthiness depends on export earnings-must borrow more deeply to pay their debts...
...Poland has no substantial assets in the West that could be seized in the case of a default. Nor could the Soviets be counted on to pick up the tab. As one Parisian financier put it: "There are conditions under which the amounts involved become so considerable that the debtor actually holds the creditor in check...
...Europe and Japan. That expansion and the ever higher oil bills, though, were paid for by increasing doses of credit from Western banks. As a result, the developing countries have piled up a staggering $450 billion in debts. Now the banks have grown cautious, and the debtor nations face hard times. Warns Jan Tumlir, chief economist for the international organization GATT (General Agreement on Tariffs and Trade): "I expect that for the first time we will have a generalized recession in the sense that the imports of the developing countries will increase only marginally...
...Edwards, 54, hoisted a glass of Russian vodka and savored victory. In the preceding days, he had legally seized a $13 million freighter, frozen the bank accounts of the Soviet embassy in Ottawa and, in the process, succeeded in collecting a 13-year-old account from a rather unusual debtor-the Kremlin. It was without doubt one of the most dogged dunning operations on record...
...seams, a slew of terrorist strikes echoing the crackling coals of revolution. Like most developing countries, the Philippines has absorbed the triple economic onslaught of global recession, inflation, and rising oil prices. Marcos' national debt how stands at $11.2 billion, and the Philippines ranks as a leading debtor to the International Monetary Fund...