Word: redeposit
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Dates: during 1980-1989
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There are, in any event, substantial doubts that a trade embargo would have much effect on Iran's economy. Tehran takes in about $90 million a day from oil exports. For help in handling these transactions, Iran has lately turned to banks in Algeria and Libya, which immediately redeposit the money in European banks. Says a Tehran banker: "There is no shortage of brotherly Third World countries willing to help Iran." In addition, some Eastern European countries, including Rumania and Yugoslavia, have offered to act as Iran's middlemen for purchases of machinery and spare parts. Promised Yugoslav...