That currency devaluation means the value of the government debts increases, causing it to eat more into its remaining reserves to pay them off.
BBC: Egypt finance: Qatar steps in to ease Cairo cash crisis
ChevronTexaco's primary projects are in Canada and Venezuela, where it thinks there are 2 trillion barrels or more worth of such "unconventional oil" reserves--an amount greater than the world's remaining reserves of conventional crude.
Oil fields west of Shetland are estimated to contain about 20% of the UK's remaining oil reserves.
The remaining oil reserves will be concentrated in fewer countries, the risk of oil supply disruptions will rise and oil supply capacity will fall short of demand growth.
Couple that with the fact that roughly 88 percent of remaining proven oil reserves is owned by foreign governments and you get a very difficult environment in which for American businesses to succeed.
They have no reason to do otherwise insofar as the Soviets continue to withhold vital financial and economic data such as the scope of the payments crisis, the size of remaining Soviet gold reserves, and several other categories of information commonly revealed by other debtor nations.
Do their institutions regard full economic and financial data disclosure (regarding, for example, Moscow's remaining strategic gold reserves) as essential to any informed assessments of the advisability of Western economic and financial assistance to the USSR -- and will they demand that such data be provided by the Soviet Union by year-end?
And reserves are an attractive vehicle for that: they are one of the world's few remaining risk-free assets, and at 0.25%, they pay more than Treasury bills.
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