Word: paybacks
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Dates: during 1980-1989
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Although the Wall Street Journal described the payback rescheduling as "a major international rescue operation," the move actually had little to do with benevolence. For its role in the "rescue," the U.S. got an agreement from Mexico to quadruple exports to America by next summer. Mexico has also agreed to disregard future oil price guidelines drafted by the Organization of Petroleum Exporting Countries (OPEC). The U.S. will buy Mexican oil for between $25 and $28 a barrel, which undercuts the OPEC price of $34 a barrel...