Word: foreign
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Dates: during 1970-1979
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...They all skidded into recession together, and many smaller countries slid down with them. Largely to pay their bloated oil bills, the less developed countries (LDCs) borrowed heavily from public institutions like the International Monetary Fund and from private banks in developed nations, notably the U.S. Since 1973, the foreign debt of the non-OPEC LDCs has doubled to more than $200 billion; today they must spend at least 12% of their export revenues to service their debts...
...picked up, and joblessness fell from its 1975 peak of 8.9% to the current 5.8%. But the U.S.'s solo recovery brought problems. Prosperity sucked in imports, but American exporters found little demand for their goods abroad. Then, too, the nation's dependence on ever more costly foreign fuel increased, lifting the U.S. oil import bill to boggling heights-$40 billion last year, perhaps $50 billion this year. The result was a three-year string of stinging trade deficits, including a record $28.5 billion in 1978. The devastating drop in the value of the dollar overseas, which largely...
...Federal Reserve reported last week, fully 24% of all U.S. foreign bank loans-mostly commercial-have now been made to non-oil-producing LDCs...
...beleaguered manufacturer, McDonnell Douglas, it was a blow to the U.S. Federal Aviation Administration. After the May 25 Chicago crash of a DC-10 that took 275 lives, the FAA had not only grounded all of the 138 planes owned by U.S. airlines, but barred U.S. airspace to foreign-owned DC-10s. Asked in House hearings whether the Europeans' decision meant that the FAA had erred, Agency Chief Langhorne Bond replied, "One or the other...
Ever since the followers of Ayatullah Ruhollah Khomeini seized power in Iran four months ago, many foreign companies have been haunted by a worry...