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Author: /time Magazine | Title: ZAIRE: How to Go Broke | 11/22/1976 | See Source »

...many of the eleven years that Mobutu Sese Seko, 46, has ruled Zaïre, that huge central African country (once known as the Belgian Congo) has dined out on its promise of wealth. The country's enormous, and still largely unexploited, deposits of copper served as a kind of collateral on which Zaïre managed to borrow extensively abroad. It now owes $2.9 billion, $800 million of which is due private lenders in the U.S., Europe and Japan. But instead of achieving steady growth, Zaïre became a textbook example of how a Third World nation...

Author: /time Magazine | Title: ZAIRE: How to Go Broke | 11/22/1976 | See Source »

...Unique. The Zaiïrian example is of major interest to the industrial as well as the developing world. "Zaïre's folly is not so unique," observes an American businessman in Kinshasa, the capital. Third World countries as a group have piled up a foreign debt that is estimated to be as high as $150 billion; international conferences resound with cries for a moratorium or stretch-out of repayments on a large part of that debt. By mid-1976 U.S. banks alone had some $30 billion in outstanding loans to five nations-Argentina, Brazil, Mexico, Peru...

Author: /time Magazine | Title: ZAIRE: How to Go Broke | 11/22/1976 | See Source »

...Tanzanian had been distinctly pessimistic about the Kissinger mission, at least in public. This time Nyerere was in a buoyant mood, speaking with far greater candor about the substance of the proposals put to Smith than anyone else had done all week. Next, Kissinger flew to Kinshasa to brief Zaïre's flamboyant President Mobutu Sese Seko, then on to Nairobi to see Kenya's venerable President Jomo Kenyatta. Led into the midst of 300 tribal dancers by his host, Kissinger attempted a few fumbling steps of his own before begging off with a quip: "Those...

Author: /time Magazine | Title: SOUTHERN AFRICA: A Dr. K. Offer They Could Not Refuse | 10/4/1976 | See Source »

...Cuban troops have spearheaded an air and ground action against local separatists of the Front for the Liberation of the Enclave of Cabinda (F.L.E.C.) and diehard remnants of the defeated National Front for the Liberation of Angola (F.N.L.A.). They have apparently been successful in quieting the area-especially since Zaïre President Mobutu Sese Seko closed his border with Cabinda after Luanda protested that supplies were being funneled to the rebels. The rebel problem is more persistent in the south, where Cubans are also guarding the Benguela railway. Running clear across central Angola, the railway is difficult to defend...

Author: /time Magazine | Title: ANGOLA: Trying to Heal the Wounds of War | 6/21/1976 | See Source »

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