All of the following statements are true about the debt crisis of the 1970s EXCEPT:

a. OPEC decided to slash oil production in order to drive global prices up in response to a political crisis in 1973, namely another Arab/Israeli war.

b. Developing countries in Latin America, Asia, and Africa, were allowed to purchase oil from OPEC countries at a discounted rate as opposed to the prices wealthier, developed countries had to pay.

c. Many of the loans that were negotiated by private banking institutions with poorer, third world countries were at floating interest rates, rather than fixed interest rates.

d. Many developing countries were also impacted by falling demand and prices for commodities during the 1970s due to a worldwide economic recession.

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