Word: european
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Dates: during 1970-1979
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...hostages' release, the U.S. continued its diplomatic efforts to isolate Iran as an outlaw state. Initially Carter was described by an aide as "disgusted but not surprised" by the failure of U.S. allies to condemn Iran publicly. But last week the Foreign Ministers of the nine nations of the European Community denounced the threat to try the hostages and appealed to Khomeini to free them. The French government did too, belatedly, after a public opinion poll disclosed that 64% of the respondents approved Carter's refusal to hand the Shah over to the Khomeini regime. Indeed, half the French people...
...OPEC cartel to refuse payment for oil in dollars and instead to demand a "basket" of other currencies, presumably West German marks, Swiss and French francs, and Japanese yen. In fact, there is not nearly enough of these currencies available to pay for the huge oil transactions, and European and Japanese governments would wind up unavoidably having to expand their money supplies in a most inflationary way to accommodate the deals. Fortunately, the Saudis and other oil producers plan to continue accepting dollars. To ban them would cause the U.S. currency to plunge and OPEC's dollar deposits...
Even if Tehran finally does not default on its debts, the danger is that European and Japanese banks might call in their loans to Iran. The possibility became more acute last week. That was because of an action by an eleven-member international financing syndicate headed by the Chase Manhattan Bank. The syndicate voted to declare a $500 million loan to Iran in default for failure by Tehran to pay some $4 million in interest charges. The Iranian central bank retorted that it had instructed the Chase to transfer the needed funds from an Iranian account in New York...
...Canadian) had no such recourse. Their only options were either to activate a so-called cross default clause and foreclose on the Iranian government in court for the remaining $200 million, or to refloat their share of the loan independently of the U.S. banks. Said one angry European banker: "This is a dangerous escalation of the financial war that American banks are waging against Iran...
...existence of an alternative embodied in America is crucial. But unfortunately, due to the restrictive conditions in Romania, very few people have access to material, information and ideas coming from the West. "Students are cut off from European culture and civilization which has been the traditional form of evolution in Romania," he says, adding that "stagnation and indoctrination are taking hold." Yet today the average Romanian scholar is unable to travel or study abroad...