In late 1970, many oil distributing countries had large amounts of earned money which they put into Western banks. The Western banks later loaned this money to Third World countries for large expansion projects. Several factors emerged from this action. For example, world interest rates increased, global recession, and low commodity prices. Later which initiated the size of these debts to start growing fast and several countries began to fall behind in their payments.
Meeting between Non-Aligned Movement and the USSR to raise the question of formal anti-imperialist alliance, which was against U.S. led imperialism. Cuban government got into major debt crisis by 1982. They owed $3 billion, which would be three and a half time in value