The Geneva summit is not the only sign of a thaw in U.S.-Soviet relations. While Ronald Reagan was preparing to meet with Mikhail Gorbachev, a group of American banks was quietly deciding to loan money to the Soviet Union. The First National Bank of Chicago and three New York banks--Bankers Trust, Morgan Guaranty and Irving Trust--have joined the Royal Bank of Canada in giving the Soviets a $200 million credit line to help buy American and Canadian grain. Other U.S. banks are expected to participate in the loans.
American loans dried up after the Soviets invaded Afghanistan in 1979 and President...
To continue reading:
or
Log-In
