Word: averting
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Dates: during 1960-1969
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...Castro has before long. Faced with an almost 50% drop in foreign exchange in the past year, the U.S. trade boycott, and the loss of $150 million from the discontinued U.S. sugar bonus, Economic Czar "Che" Guevara flew behind the Iron Curtain last month for help to avert economic disaster. Czechoslovakia agreed to double its aid, bringing the total to $40 million. But estimates are that Cuba needs an irreducible minimum of $250 million in freely convertible currencies this year to replace income lost by severing its U.S. trade ties, and Che was reportedly asking...
...organization called the International Development Association (IDA) got under way last week and immediately ran into the familiar experience of seeing other nations avert their gaze when the plate was passed. Conceived as a soft-currency adjunct to the World Bank, in which underdeveloped nations may borrow dollars and other hard currencies but can repay in a variety of nonconvertible currencies such as rupees or drachmas, IDA originally was to start with $1 billion in capital. Though the U.S. dutifully subscribed its promised one-third-$320 million-in full, other nations fell short, and IDA last week began with...
...avert a threatened civil war between Kong Le and those who opposed his coup. King Savang Vatthana accepted as his Premier Kong Le's candidate for the job: Neutralist Prince Souvanna Phouma. As his part of the bargain, Prince Souvanna turned around and named as his Interior Minister General Phoumi Nosavan, leader of the anti-Kong Le faction. Everybody seemed relatively happy with the arrangement, at least for the moment...
...usual, the voting was staggered over four Sundays to permit the government to concentrate police and army on one area at a time. As usual, the Parliament seats were allotted according to religious sects, a device designed to avert the religious strife that ravaged Lebanon for years. Figuring that Christians outnumber Moslems 6 to 5. 45 places of the Parliament's 99 seats were apportioned to the Moslems (subdivided into three sects) and 54 to Christians (30 Maronite Roman Catholic, eleven Greek Orthodox, six Greek Catholic, four Armenian Orthodox, one Armenian Catholic, one Protestant, one miscellaneous minorities). This convention...
Kress & Co.. the sixth largest U.S. variety-store chain (1959 sales: $154,422,000). He was brought to Kress two years ago, after the top management resigned to avert a proxy fight. Trustees of the Kress Foundation, which holds 42% of the stock, had balked at the lagging company's conservative policies. Cobb expanded into new merchandise, but he failed to stop the sales slide, which has continued every year but one since 1952. For the first five months of 1960, sales fell off 5.6%, and the directors cut the quarterly dividend from...