In Angola technocrats negotiating the latest round of big oil contracts have driven the tax rate to close to 80%, according to international contract expert Gordon Barrows of Barrows Co.

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Critics of the West's change of heart argue that it is driven by the desire for contracts, rather than any belief in the efficacy of dialogue.

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Efforts to reduce loan balances and to create special rescue programs have reduced the security of loans, challenged the enforceability of contracts, and driven up real borrowing costs.

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For the government, the concept of encouraging businesses to bid for contracts is not just driven by the desire to provide extra services.

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Officials say further savings will come from having driven a hard bargain with generating companies over extending contracts due to expire soon.

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Following economic liberalization in 1991, these same elites were best placed to secure privileged access to lucrative contracts in mining, property development and infrastructure the sectors that have driven India's recent economic growth.

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