Word: embargoing
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...tough to sustain-and equally tough to get off the books. Last year, before a meeting of OAS foreign ministers in Quito, it seemed like a good bet that delegates of pro-Cuba countries had rounded up the two-thirds majority needed to vote out the ten-year-old embargo, which now throws only a very tattered curtain around Castro's island. Much to everyone's surprise, the anti-embargo forces fell two votes short, chiefly because the U.S. delegation took a studied attitude of "negative neutrality" on the issue. It did not oppose the initiative...
Last week the 24 OAS members began a twelve-day meeting in San Jose, Costa Rica. This time the odds were even stronger that the embargo would end. Reason: Washington has become more positive, not toward Cuba directly but toward the freedom of Latin American nations to pursue their own course on the matter...
Technically, the OAS ministers are meeting to amend the 1947 Inter-American Treaty of Reciprocal Assistance (the Treaty of Rio), under which the embargo was initially imposed. The aim was to drop the two-thirds majority provision on the lifting of sanctions and replace it with a simple majority vote. The change requires a two-thirds majority, but at least 14 of the 21 Rio Treaty signers were expected to go along...
...Plans. The U.S. contribution has been to affirm that bilateral relations between OAS members and Cuba are essentially private affairs. If the treaty amendment passes, the U.S. is ready to attend a second OAS meeting where members will consider a resolution releasing them from their obligations under the embargo. The U.S. will support the resolution, in effect accomplishing what was not done at Quito: lifting the ban by a two-thirds vote. (Reason for another meeting: without it, the Rio Treaty amendment would have to be ratified individually by member states, a process that could take years.) Then, said...
...higher gains on the mercurial spot market; indeed, he sometimes chartered tankers from other firms so that he could recharter them to shippers at spot rates. Between 1970 and 1973, when rates were generally rising, he chartered four huge tankers. Then came the Arab-Israeli war and Arab oil embargo, during which many tankers had to lie idle because there was no oil for them to move. The four tankers have been repossessed from Reksten for nonpayment of rates that probably totaled well over $500,000 a month...