Business: World Bankers Juggle the Huge Oil Debts

OPEC is flush with money, while the developing nations go deeper into the hole

Is the wobbly world of international finance and banking about to be buried under a mountain of endlessly multiplying petrodollars? Almost from the moment that oil prices first began shooting up six years ago, bankers, businessmen and government officials have been asking themselves that question. Now, with petroleum prices once again rising steeply, the issue is cropping up anew; and this time the implications are scarier than ever.

Leading finance men, including former West German Bundesbank President Otmar Emminger,...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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!