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Let's Curtail the Money Flow to the Soviets |
| Section: CURRENT ISSUES / COMMENTARY |
| Author: John H. Fund |
| Publication: The world & I online |
| Issue Date: 1/1/1988 |
| Size: 1,378 Words, 8,410 Characters |
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Mikhail Gorbachev has a problem and Western banks are helping him solve it. The sluggish Soviet economy is in one of its worst slumps since the 1920s. But Gorbachev's glasnost policy has allowed him to feed a growing Soviet appetite for capital by dipping into Western credit markets. American, European, and Japanese banks are making loans to Soviet-bloc countries at the rate of a $1 billion a month. Bankers justify such loans because of the excellent debt-repayment record of those regimes. But a closer look would make them scurry to their accounting ledgers.
Lower world oil prices have put a severe crimp in Soviet hard-currency earnings. In 1984, oil and natural gas sales brought the Soviets $18.9 billion in export income. In 1986, such earnings fell to less than $11 billion. To make...
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...t of effort in controlling the flow of sensitive technology to the East bloc. The recent transfer of sensitive submarine propeller technology to the Soviets by Japan's Toshiba and a Norwegian firm made clear the importance of monitoring strategic trade. It only makes sense for the United States to also be concerned with the problem of financial flows to the Soviet Union and its client states.
(806 of 8,410 characters)
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