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Blaize's chief priority will be revving up the stagnant Grenadian economy, which is burdened with as much as 40% unemployment. Once again his success will depend heavily on outside help: 70 or so private investment projects, most of them involving U.S. businesses, were put on hold until the election results were known. Nonetheless, the new Prime Minister's first official act was a characteristic display of caution. He asked President Reagan and five neighboring governments to extend until March the stay of their peacekeeping forces on the island, while his government carries out a review of security requirements. Said Blaize: "This is a small country. Anything that would make a ripple on a big pond would upset us a great deal." -By George Russell. Reported by Bernard Diederich/St George's