Word: indebtedness
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For deeply indebted oil-producing countries, including Venezuela, Indonesia and Ecuador, a decline in prices would be painful. In Mexico, which depends on petroleum sales for 70% of its exports, a $2-per-bbl. price cut would produce a $ 1.1 billion drop in an annual oil income of $15 billion...
Whatever is causing the dollar's climb, both the U.S. rebound and the strong currency have been a tonic to many countries. Reason: the thriving economy whets the American appetite for imports, while the strong dollar slashes the price of foreign exports to the U.S. This has been particularly...
Mondale, who felt indebted to Lance for helping him win crucial primaries in Alabama and Georgia last March 13, evidently hoped to ram through the appointment while the convention was celebrating Ferraro's nomination as Vice President. But a series of news leaks, riled the delegates before they arrived...
The oil ministers may have to live with the glut for a while longer. Quota cheating by the small Persian Gulf states and price discounting by Iran have swelled the cartel's actual production to 18.5 million bbl. In addition, North Sea oil output rose 13.5% during the first...
Marcos did not wait for the final results to announce a series of austerity measures last week, including a 28.6% de facto devaluation of the peso, designed to meet International Monetary Fund conditions for a new loan to the heavily indebted nation (total: $25.6 billion). The President also placed Manila...