Word: euromarket
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...Organization of Petroleum Exporting Countries pumped more than oil into the world economy during the 1970s. OPEC also poured billions of dollars that it collected from oil buyers into Western banks operating in the Euromarket, the hub of international finance. Those institutions then lent the funds to borrowers that ranged from Third World governments to multinational corporations. This so-called petrodollar recycling was a major source of cash for world money markets during the past decade...
...will be able to handle the problems of fewer petrodollars and new OPEC borrowing. They point out that the principal and interest due this year on all bonds issued in the European market will come to $24 billion, which dwarfs the amount of OPEC borrowing. Moreover, the $1.5 trillion Euromarket is no longer as dependent upon OPEC money as it once was. While most of its new funds were previously supplied by the oil producers, the market is now so large that it can satisfy most of its new capital needs. Finally, the deep worldwide recession has reduced the demand...