Word: pacts
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...York City's Plaza Hotel in September of last year. There the Western powers agreed to reduce the value of the dollar in concert, and thus try to undercut the U.S. trade deficit. In fact the dollar had already begun to decline, starting in February 1985, but the Plaza pact marked a commitment to continue the trend. From its February peak, the dollar fell by some 30% against other major currencies within 18 months...
None of this is yet guaranteed. In addition to the remaining complications surrounding Daniloff's release, there are disputes over details of any INF pact -- both with Moscow and among the warring factions of the Reagan Administration. The freeing of Daniloff, even if followed by an INF deal, would leave the U.S. and U.S.S.R. still at odds over more crucial issues, most notably strategic-arms reductions (START) and Reagan's Strategic Defense Initiative (SDI), or Star Wars...
...again with a smile and a handshake as he was in Geneva. In recent days the Soviets seem to have seized on an INF agreement as an excuse rather than a precondition for a summit. When one American journalist remarked on the difficulties of separating an INF pact from the negotiations on long-range strategic weapons and Star Wars, a high Soviet official replied in an almost plaintive tone, "Yes, but we need something...
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...
...afterward, Aquino assured Reagan that her government would respect the existing agreement regarding the two major U.S. military bases in the Philippines, Subic Bay Naval Station and Clark Air Base. For months Aquino has been under intense pressure from many supporters to renounce the American military presence. The current pact expires in 1991 but is scheduled for review by both signatories in 1988. Said Reagan: "That gives us and the people of the Philippines plenty of time to think about...