Middle East

A meeting was held to discuss was the major financial question to be raised so far by the Iranian crisis: why had the $500 million syndicated loan for the government of Iran been declared in default so quickly?

One year ago, Abdul Kadir Qadi, director of financial affairs to the state of Qatar, telexed 40 international banks inviting them to tender for the management of a $300 million loan, the state's first. The telexes did not mention any individual borrower or project, but they began what was to be one of the most toughly contested fights ever for a Eurocredit mandate. By Nigel Bance

By Francis Ghilès

By Padraic Fallon

Almost overnight the fears that waves of volatile oil dollars would wreck the world's financial system have receded.