Word: kremlins
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American loans dried up after the Soviets invaded Afghanistan in 1979 and President Carter responded by putting strict limits on U.S. grain sales to Moscow. When Reagan lifted the embargo in 1981, the Soviet Union turned mostly to Europe for loans to buy grain. This year, though, the Kremlin began seeking American credit once again. Troubled by seven consecutive disappointing harvests, the Soviets are expected to buy $1.6 billion worth of grain from the U.S. this year...
...exports has dropped as a result of production problems and low petroleum prices. During the first six months of the year, Soviet export earnings in major currencies were only $14.5 billion, down about 23% from the same period in 1984. That is not enough to cover imports, which the Kremlin is reluctant to cut back because it is starting a new five-year economic plan...
...Kremlin thus decided to make up its cash shortage by seeking new loans. Jan Vaņous, a Soviet expert at the Plan-Econ research firm in Washington, expects Soviet debt to rise by $8 billion this year. By lending part of the money, American banks will help ease U.S.-Soviet tensions and make some profits in the bargain...
...More surprising still are the views of Silviu Brucan, professor of sociology at the University of Bucharest in Rumania, a nation formally allied with Moscow in the Warsaw Pact. Writing in the American magazine World Policy Journal, Brucan opines that if China succeeds in building a modern economy "the Kremlin will then be confronted with a dramatic choice: to cling to the old ways and rely more and more on military power to exert its influence, or to take the bull by the horns and proceed with a radical change in both economic policy and global strategy. The issue...
...sure, other personalities and events dominated the day-to-day headlines. After the deaths of three infirm leaders in four years, the Kremlin finally chose a chief, Mikhail Gorbachev, who at 54 is young enough to give the U.S.S.R. vigorous leadership for the rest of the century. Gorbachev moved quickly to consolidate his power, firing old-line bureaucrats by the score and wooing popular support by touring Soviet farms and factories in the manner of a handshaking, baby-kissing Western politician. He broke the long, frozen silence between the nuclear superpowers by agreeing to meet President Ronald Reagan in Geneva...