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,...

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