Word: moratoriums
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PRIVATE LOANS. A Senate option would ban U.S. bank loans to private firms and individuals in South Africa. But these were declining sharply anyway, even before South Africa placed a moratorium last year on the repayment of private foreign loans. U.S. banks reduced their outstanding loans to all South African borrowers from $5 billion in 1984 to $3.24 billion at the end of 1985. Lack of foreign capital sharply limits the growth of South Africa's economy. Eventually the effect could be lower profitability for white-owned businesses, but it could also mean an increase in black unemployment...
...that would threaten Star Wars. A meeting last week of midlevel arms-control advisers ended "in total disagreement," said one participant. "We are bogged down here, really stalemated." Unflagging support for SDI also dims the prospect for any agreement on nuclear testing. The Soviets have called for a total moratorium and have not detonated a nuclear device since August 1985. But some of the weapons envisioned by SDI require underground nuclear tests. The Pentagon argues that testing is needed to ensure the reliability of its arms stockpile. While continuing with tests, the U.S. has proposed that on-site monitors...
Although the Soviet moratorium on testing is due to expire next month, few observers expect the Soviets to resume nuclear tests immediately, which leaves the U.S. scientists with little to monitor. Moreover, the U.S. already has in place a worldwide network of stations that accurately monitor Soviet tests. Even so, the American observers should collect invaluable data on the seismological characteristics of the Soviet Union and on the Soviets' ability to read tremors from U.S. nuclear tests. The project's primary goal, said Archambeau, is to "demonstrate that on-site inspection is feasible and should be no obstacle...
...area of proven vulnerability is finance. Last year, after several American and European banks demanded immediate payment on short-term loans to South Africa because of the deteriorating situation, the country virtually panicked. The level of the national currency, the rand, plummeted, and in September the government declared a moratorium on repaying its $14 billion in short-term bank loans. Says Jamaican Prime Minister Edward Seaga: "If Pretoria will not listen to arguments based on rights, it will listen to arguments based on rands." But no one expects measures against South African trade to be nearly as effective...
...dangers of atomic power with the threat of nuclear weapons, noting that "inherent in the nuclear arsenals stockpiled are thousands upon thousands of disasters far more horrible than the Chernobyl one." Gorbachev then disingenuously invited President Reagan to meet in Europe "or, say, in Hiroshima" to negotiate a test moratorium. He pointedly extended the Soviet Union's own ten-month test ban until Aug. 6, which marks the 41st anniversary of the Hiroshima bombing. In Geneva, meanwhile, Soviet negotiators offered a plan for removing medium-range nuclear missiles from Europe...