Word: pacts
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Dates: during 1980-1989
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...potentially more serious inflation threat is a rebound in the cost of oil. Since the members of the Organization of Petroleum Exporting Countries agreed in early August on a new pact to reduce production, oil prices have jumped from $11.55 per bbl. to more than $14. But the OPEC agreement expires on Oct. 31, and it is not at all certain to be renewed...
TIME's economists noted that OPEC's pact is vulnerable. OPEC nations will face powerful temptations to "open up the spigots" in violation of their production quotas, said Greenspan. Virtually every OPEC member is financially strapped and thus in dire need of income from oil sales. For that reason, the economists do not now foresee a continued run-up in oil prices...
...American U-2 plane was downed near Sverdlovsk, and Nikita Khrushchev stormed out of a summit meeting with Dwight Eisenhower in Paris. In August 1968, just as Lyndon Johnson and the Kremlin leaders were preparing to launch the Strategic Arms Limitation Talks, the Warsaw Pact invaded Czechoslovakia and SALT was postponed. In December 1979 the Soviet occupation of Afghanistan virtually guaranteed that the U.S. Senate would not ratify the SALT II treaty. In September 1983 Soviet air-defense units shot down a Korean passenger plane, prompting Secretary of State George Shultz to throttle back his effort to re- engage...
...prime minister's visit comes a month before he is due to swap jobs with Foreign Minister Yitzhak Shamir of the conservative Likud bloc under a power-sharing pact between Likud and the left-of-center Labor Party...
...Soviets have made clear their displeasure with President Reagan's announcement last May that as part of the Pentagon's strategic modernization program, the U.S. planned to go ahead with missile deployments that would violate SALT II. Though the pact was never ratified by the Senate, each side < had pledged to abide by the treaty as long as the other did. Breaching the SALT II limits, the Soviets have made clear, could mean no second summit...