Word: foreign
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Dates: during 1980-1989
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...effort to ensure adequate supplies for its customers. Many traders believe Ferruzzi's two largest U.S. rivals, Archer Daniels Midland of Decatur, Ill., and Cargill of Minneapolis, felt the pinch from rising prices and complained to the c.b.o.t. Said one trader: "Older, established firms ganged up on the new, foreign kid on the block." With prices taking a near panic dive, Ferruzzi has already lost an estimated $10 million. Harder hit may be U.S. soybean farmers, who last week saw the value of their total crop fall an estimated $500 million...
...less lavish, however, with his finances. In Poland he pledged $100 million in economic aid and an added $15 million for controlling pollution in Cracow; he also pledged support for a move to reschedule some of the nation's foreign debt. In Hungary he offered $25 million in economic aid, $5 million for an environmental center, a $1.5 million a year Peace Corps project to help teach English, and the end of trade restrictions...
Such gifts seemed rather paltry, less than Lyndon Johnson might have dropped on some backwater congressional district during a quickie campaign stop. The $115 million offered to Poland, for example, would barely dent a decimal point in that nation's $39 billion foreign debt. Some of his European hosts were disappointed. Solidarity leader Lech Walesa pressed the case for $10 billion in assistance, and Communist Party leader Wojciech Jaruzelski asked for at least $3 billion in aid and a major rescheduling of Poland's debt. Hungarian banker and businessman Sandor Demjan, in a gesture that was at once magnanimous...
American officials, however, argue that massive handouts would be unproductive. During the past two decades, the regimes in Poland and Hungary entrenched themselves by using foreign loans to subsidize cheap consumer goods rather than upgrade industries. "The last thing the West should do is to forgive us our debts," says a senior Hungarian diplomat. "It would just relieve the pressure for reforms, so it would be money down the drain again...
...relative decline of America's economic clout. A top Administration official traveling with Bush conceded, "Sure, we could do a lot more to encourage economic reform in Eastern Europe. But we don't have the money. We are broke." Says Michael Mandelbaum, a Soviet scholar at the Council on Foreign Relations: "The foreign policy fruits of Reaganomics are that we are the world's largest debtor nation and have a budget deficit that constrains what we can spend...