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Further, the parties to the summit have had some awkward problems getting their own acts together. The Europeans are united in protesting that the rising value of the dollar against their own currencies is kiting their oil-import bills, which have to be paid in dollars. Furthermore, high U.S. interest rates, which are pulling in capital from around the world, have forced European nations to keep their own interest rates high, thus deepening a Western European recession (see ECONOMY & BUSINESS). But at their own pre-summit in Luxembourg two weeks ago, the Europeans could not agree on any common strategy...
...urging the other countries to restrict trade with the Soviet bloc. The State Department would recommend only more restrictions on exports of strategic goods; the Pentagon wants a tougher approach, contending, for example, that West Germany should halt its plans to build a pipeline to import Soviet natural gas. U.S. summit planners have little hope of resolving that division by next week, so Reagan probably will confine himself to generalities...
Though the country has flooded the world with everything from Toyotas to tummy tubes, Japanese dependence on foreign oil has pushed its balance of trade into the red. Japan must import 99.8% of its oil. Yet despite a $54 billion oil bill, last year's $7 billion current-account deficit could this year be a surplus of as high as $6.5 billion...
...neighboring Honduras the transitional regime, fearing that missionaries will import radicalism, has forbidden any new Maryknollers to join the small component of priests and nuns already there working with the poor...
DIED. Harold Linder, 80, former Wall Street banker and Ambassador to Canada who served as the head of the U.S. Export-Import Bank from 1961 to '68, aggressively expanding the bank's operations to include the financing of American companies and banks and the underwriting of U.S. arms sales to foreign nations; in New York City...