Word: turkeys
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Dates: during 1980-1989
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This strategy dramatically increased the IMF's power in the international economic system. Banks began referring underdeveloped nations wanting loans to the IMF for its "stamp of approval." The IMF virtually began to run the Zairean economy, and control the economies of other Third World states, including Turkey, Peru and Jamaica. Even European countries, like Portugal, became dependent...
...bring with them high costs in the domestic economy. There is little cash to raise in most underdeveloped economies and cutting the budget means laying off government workers and removing some of the few people in the economy with regular sources of income. The strategy often leads nations like Turkey to take actions which appear, in traditional economic terms, to be suicidal. In January 1980, Turkey promised to cut its budget by $2.2 billion, despite the fact that its industry at the time was running at 40 per cent of capacity...
...SAME TIME as its "austerity" dogma disrupts the lives of underdeveloped nations, it furthers the spread of multinational corporate power. Turkey was pressured this January (in the same 'package' of concessions as the $2.2 billion cut in spending) into rescinding its rules prohibiting foreign banks from opening offices in Turkey, and allowing foreign oil drilling concessions...
...NATO's members: Belgium, Canada, Denmark. France, Greece, Iceland, Italy, Luxembourg, The Netherlands, Norway, Portugal, Turkey, United Kingdom, U.S., West Germany...
Faced with Soviet expansion that culminated in the Berlin blockade and the allied airlift, the U.S., Canada and ten Western European nations signed the North Atlantic Treaty of mutual defense on April 4, 1949. Greece and Turkey joined in 1952, West Germany in 1955. During its 31 years, NATO has survived a number of crises and events that, like the current one, have shaded and changed Europe's views of the U.S., and vice versa...