Office of the Historian

139. Memorandum From Roger Robinson of the National Security Council Staff to the President’s Deputy Assistant for National Security Affairs (McFarlane)1

Washington, April 28, 1983

SUBJECT

  • SIG–IEP Meeting, Thursday, April 28, 4:30 p.m. Main Treasury Building, Room 44262

The agenda for the meeting is as follows:

1.
Alaskan oil exports
2.
East-West Issues (oral report by State)
3.
Summit Preparations (oral report by State)
4.
Debt Issues (oral report by Treasury)

[Omitted here is information not related to debt issues.]

Debt

Attached at Tab V is Treasury’s latest update (April 26) which will be orally reported.3 The complete draft NSSD on the international debt situation was taken up at last week’s SIG.4 NSC had reserved on language for the conclusions as we view the vulnerabilities of Treasury preset five-part strategy as more pronounced and support the need for, at minimum, contingency planning. We also did not agree with the assessment that medium-term prospects (2–3 years) for the major LDC debtors were as favorable as Treasury’s view. We continue to receive intelligence indicating the Brazilians will announce a temporary moratorium on principal and interest payments in the next 60 days, which could create heightened anxiety among the world’s commercial banks.5

  1. Source: Reagan Library, Robert McFarlane Files, Chronological File, Chron—April 1983 (McFarlane); NLR–362–5–31–6–4. Secret. Sent for action. McFarlane wrote in the right-hand corner of the memorandum: “Roger, I’m sorry not to have been there. We’re making strides, particularly at IEA and NATO. You guys are fast becoming the enfants terribles of the Atlantic community. Bud.” Copies were sent to Bailey, Martin, and Nau.↩
  2. See Document 140.↩
  3. Tab V is not attached.↩
  4. See Document 138.↩
  5. McFarlane wrote in the left-hand margin next to this sentence: “I share your expectations.”↩