Word: agreement
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Dates: during 1960-1969
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Also out of Bretton Woods came the Washington-based International Monetary Fund, the arbiter of exchange rates. Written into the IMF articles of agreement, and binding upon its 111 member nations, is a proviso that no country may devalue its currency without IMF permission. In practice, the IMF allows devaluation only when economic misfortune (almost always inflation) strips a currency of its hitherto established value. Barring devaluation, every IMF nation must buy, sell or borrow foreign currencies-in practical terms, dollars-in sufficient quantity to keep its own money within 1% of its declared worth...
Unreliable Partners. Nenni decided that within the party executive, away from the noisy rank-and-file, he might win agreement to reopen negotiations with the Christian Democrats. But even there he came up with only 52% of the votes. With partners like that, the Christian Democrats asked, who needs an opposition...
...this respect, the HPC has more power. They are in greater agreement with the faculty and administration and their parent group, the CEP, about the viability of the present system of education than the HUC is with the faculty, the administration, or the COH about the viability of the present system of socialization. There are three more specific reasons for the supposed failure of the HUC compared to the HPC. (1) The HUC deals with potentially sensational issues--generational rather than educational--which could drag Harvard's name into the public mud. (2) The HUC is inherently a non-academic...
...main events came last September when Rochester's Xerox Corp. and Manhattan-based C.I.T. Financial Corp. announced plans for a union. The deal would have involved a swap of Xerox stock then worth $1.5 billion and created a hefty new conglomerate with assets of $4.5 billion. The agreement was based only on a handshake, but Xerox President C. Peter McColough cheerfully predicted that the merger would provide his company with "a much broader base than we now enjoy, enabling us to accelerate our plans in several fields...
Last week the merger prospects vanished as suddenly as they had appeared. In a joint statement that was every bit as unexpected as their September song, McColough and C.I.T. Chairman L. Walter Lundell announced a "mutual agreement" to drop the matter. They offered no reason for the dropout. The two companies did, however, have some explaining to do-if only to their own people. One nonplussed C.I.T. director complained to newsmen that he had been taken by surprise both in September and by last week's announcement. The idea had been broached and the two companies had launched studies...