OIL: Cough Up, Comrades

Hungary's Communist Chief János Kádr had just begun the keynote speech at the party congress in Budapest last week when he turned to the guest of honor and expressed his "sincere thanks" for the Soviet Union's "readiness to help" Hungary in its serious economic plight. It was an ironic gesture. Kádár was expressing gratitude to Soviet Party Chief Leonid Brezhnev for extending a loan of perhaps $40 million that Hungary urgently needs—to meet the newly increased price of Soviet oil and gas.

Bargain's End. Like the other Eastern European members of Comecon,* Hungary...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!