News That Affects You - Youth Magazine Staff - September 1983

Youth Magazine Staff

When the World's Banks Took a Gamble by Michael Snyder - On the Road to Mecca by Lowell Wagner Jr. - COUNTRY IN FOCUS: Saudi Arabia by Tom Delamater - Playing the Games of Tomorrow by Jeff Zhorne - Summit Nations Increase Student Exchanges by George Hague and Lowell Wagner Jr.: How would you feel if you were so deep in debt that all the money you made in a year would just barely put a dent in what you owe? Several countries in East Europe, Africa and South America face this situation today - a financial pinch that bears ominous overtones for bankers and governments in the Western world. In the mid 1970s, these countries took out large loans to help speed the development of their countries. Bankers in the United States and Western Europe, who now admit they saw a chance to make millions of dollars, loaned out more than $700,000,000,000 dollars to Mexico, Brazil, Argentina, Venezuela, Chile, Nigeria, Poland and others. - Information Supplied By: Herbert W Armstrong Library