Word: basel
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...ahead and tap that credit last month, it meant that the IMF was reasonably satisfied with the way in which Britain has pulled up its socks, economically speaking. Last week London received still another vote of confidence from international moneymen: central bankers from twelve industrial nations-agreed in Basel, Switzerland, to provide Britain with $2 billion in new standby credits for defending the pound...
Confident that the latest arrangement will be a success, Bank of England Governor Leslie O'Brien said after the Basel meeting: "I don't see any possibility of another devaluation." Similar faith was reflected on the foreign exchange markets, where the pound's price climbed last week from a post-devaluation...
Below $40. Britain was not the only troubled country to come away from Basel with cause for optimism. Another was France, whose reserves of gold and dollars have so far dropped from $6.8 billion to $5 billion in its crisis. To help France battle speculative attacks against the franc, the Bank for International Settle ments and central banks of five countries (the U.S., Belgium, The Netherlands, Italy and West Germany) agreed to provide Paris with short-term credits totaling $1.3 billion. At the same time, the Basel conferees sought to dampen gold speculation by devising a scheme by which South...
...moneymen assembled last week in Basel, Switzerland, the 38th annual meeting of the Bank for International Settlements was the occasion for a somber review of the past year's dizzying dislocations in world finance. Last fall the pound was devalued. Four months later came the speculative attack on the dollar that resulted in abandonment of the London gold pool. More recently, France's upheaval put unexpected pressures on the franc. "You can't tell the difference between monetary crisis and noncrisis any more," concluded one official at Basel. "Now it's crisis all the time...
Steps Taken. Alarmed by earlier buying of gold, the same central bankers, only six days before their Washington conference, had held a similar session in Basel. There the Fed's Martin reasserted the U.S. intention of maintaining a $35-an-ounce price on gold, persuaded his peers to keep the pool going. In spite of their agreement to do so, rumors spread-and were vigorously denied-that both Belgium and Italy were dropping out of the pool; the rumors only fanned the flames of speculation. Martin emerged from the Basel meeting to describe himself as "satisfied" with its decisions...