Word: generality
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Dates: during 1980-1989
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Leaders of the Group of Seven industrial nations will issue a predictable declaration containing vague pledges of cooperation and general prescriptions for economic ills. TIME offers an alternative version with concrete measures designed to ensure world prosperity. -- Northrop faces a probe of an alleged payoff in Korea to help sell the F- 20. -- The biggest S and L liquidation ever...
...General Manager: Barbara M. Mrkonic...
Like Reagan's parley with General Secretary Mikhail Gorbachev, the Toronto gathering will be notable more for showmanship than for substance. As they did after the 13 previous economic summits, the leaders will issue a predictable communique containing vague pledges of cooperation and general prescriptions for economic ills that have been left untreated year after year. Yet among economists in the U.S., Europe and Japan, there is an unusual consensus about what the seven leaders really ought to do to avoid a global recession. For starters, they should be ready to admit past failures, set aside nationalistic differences and take...
...prevent such an outcome, we have individually pledged to take the actions outlined below. In general, we intend to bring our growth rates into closer alignment to help correct trade imbalances. To reduce exchange-rate volatility, our central banks will agree to specific ranges within which currencies will be allowed to fluctuate. We will not hesitate to use all available means, including central-bank intervention in the foreign-exchange markets and adjustments in our interest-rate policies, to make sure that the currencies stay within these so-called target zones...
...viable markets for our exports in the future. Accordingly, we will follow the example of France, which prior to the summit announced that it was canceling one-third of the debt owed to it by the "poorest countries," many of them former French colonies. For developing countries in general, we will forgive at least 20% of the debt owed to our governments. We will work toward a similar cancellation of private bank loans, offering tax incentives so that the cost of the action will be shared by the financial institutions and our governments...