Word: bank
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Dates: during 1960-1969
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...broader alliance of nine nations, ranging from New Zealand to Japan, recently formed the Asian and Pacific Council (ASPAC) for closer cooperation. Nineteen Asian and Pacific nations joined together in December 1965 to participate in the $1 billion Asian Development Bank. Japan and South Korea, ending more than half a century of hostility, last June signed an accord under which Japan will provide $800 million for Korean modernization. Indonesia's new regime last week returned to the United Nations Economic Commission for Asia and the Far East (ECAFE) -another form of Asian togetherness...
...Reform. The regime has even accomplished some things. Panic buying of gold, which threatened the drachma, was stemmed by the central bank early in the year. Since then, the economy has expanded nicely. Gross national product will be up 8% for 1966, industrial production is up 15% , and after nearly two years of inflation brought on by Papandreou's free-spending policies, prices have stabilized. Governing with a precarious majority of 152 Deputies (out of a 300-man Parliament), in which the balance of power is held by 40-odd Deputies weaned away from Papandreou's once-dominant...
Like Whales. Unlike Eastern's Captain Eddie Rickenbacker, his longtime competition, Woolman skipped propjet airplanes and waited for the pure jets to arrive. When they did, he refused to float convertible debentures to finance them, instead used Delta's retained earnings and some modest bank loans. He also ordered a conservative ten-year depreciation schedule instead of the twelve to 16 years that most airlines use. Woolman took the advent of newer, faster, larger airplanes in stride. "I remember when I thought the DC-3 was the biggest plane I'd ever see," he would say. "They...
...through what are called "swap facilities," a system under which countries pledge to support each other's currencies by exchanging funds in case of trouble. Four years ago, Britain and the U.S. negotiated such a swap; later the U.S. and seven European nations, plus Canada, Japan and the Bank for International Settlements, negotiated another swap to stabilize the currencies of the nations involved...
Under this exchange, the New York Federal Reserve Bank extended to Britain a line of credit that stood at $750 million this summer, before the pound withstood its most severe assault from speculators (the idea is that Britain would do the same for the U.S. if the dollar were to run into trouble). Of the total, the Bank of England had to call for $300 million. Meanwhile, other central banks had provided Britain with another $ 1 billion...