Mr Hashimoto outlined a few measures to alleviate regional distress cheaper soft loans for infrastructure projects, a big export-credit insurance facility, and training in Japan for 20, 000 South-East Asians.

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Under the terms of this side letter, however, the United States agrees not to collect on the Lend-Lease debt until the U.S. government makes available to the Soviet Union export credits, guarantees and insurance through the U.S. Export-Import Bank and other government credit facilities!

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There will be a ban on short-term export credits, guarantees and insurance.

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The export surplus in financial services and insurance was 2.6% of GDP in the first three quarters of 2011.

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The emerging markets' need for insurance, in its many guises, drives them to export capital to America (and to similar places, such as Britain).

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