Word: bank
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Dates: during 1950-1959
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...dramatic reversal of long-frozen policy, the U.S. last week agreed to help set up an international bank for Latin American economic development. At a special session of the Organization of American States, World Financier C. Douglas Dillon, now Under Secretary of State for Economic Affairs, announced: "The U.S. is prepared to consider the establishment of an inter-American regional-development institution." Latin America's joyous response was summed up by El Salvador Delegate Julio Heurtematte: "It is the realization of an old dream...
...dream of an inter-American development bank goes back to the First International Conference of American States in Washington in 1889-90. The idea came up again in Mexico City (1901-02), Washington (1931), Montevideo (1933), Buenos Aires (1936), Lima (1938), Guatemala City (1939) and Bogota (1948). By 1948 the World Bank, the International Monetary Fund and the Export-Import Bank had been launched; the U.S. took the view that any added agency would be a duplication, held steadfast to this position at inter-American conferences in Washington (1950), Caracas (1954), Petropolis (1954) and Buenos Aires...
...East before the U.N. General Assembly. But more important was Latin America's joint impact on Visitors Richard Nixon, Milton Eisenhower and John Foster Dulles. When Dulles returned from talks with Brazilian President Juscelino Kubitschek a fortnight ago, he put his department heads to work on the development bank idea...
...form the bank will take will be hammered out around conference tables, probably at the get-together this fall of the "Committee of 21'' suggested by Kubitschek last week in a round-robin note to all the Hemisphere nations. Said Roy Rubottom. Assistant Secretary of State for Inter-American Affairs: "The need is urgent, the desire is widespread, and we'll go ahead on a rapid schedule...
...support for the idea of an inter-American development bank caused hopeful smiles to blossom in every Latin American capital last week. Even more hopeful were signs in some" of the hemisphere's key countries that free-handed spending might be replaced with tight budgeting, that careless deficits would give way to more careful planning. The results promised to solve many of the new bank's problems before they become problems-and even before there is a bank...