Word: canalizes
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...tangible advantage Israel got out of the Sinai invasion was to open up its now bustling southernmost port of Elath to the sea, so that its ships could trade with East Africa and Asia while bypassing Nasser's Suez Canal. Invading Israeli armies, routing the Egyptians from the Sinai peninsula, spiked the Egyptian guns placed to menace any vessel seeking entrance from the Red Sea through the narrow, four-mile-wide Strait of Tiran into the Gulf of Aqaba and thence to Elath. Now the U.N. Emergency Force guards the strait and permits Israel "innocent passage" into the gulf...
Just before Nasser left for Russia, the West had given him a chance to escape any further Russian clutches. After Nasser settled the expropriated Suez Canal Co.'s claims for $81 million (TIME, May 5), Washington freed $26 million in frozen Egyptian assets, and U.S. Ambassador Raymond Hare told Nasser that the U.S. was preparing generally for a return to "normal'' relations with Cairo, was ready to resume CARE surplus food shipments, student exchanges and rural improvement aid, and to end restrictions on delivering such industrial items as ball bearings, lubricating oils and spare parts...
...last year's Suez crisis, the U.S., as rarely before in the history of nations, forsook the rule of power for the rule of law. At basic issue was Nasser's seizure of the Suez Canal, and U.S. Government lawyers were by no means sure that Britain and France had the stronger legal case. When Britain and France fell back on force, the U.S. supported Egypt against longstanding allies. "There can be no peace without law," said President Eisenhower. "And there could be no law if we were to invoke one code of international conduct for those...
This week, 21 months after Gamal Abdel Nasser's seizure of the Universal Suez Canal Co., the issue of compensating its owners approached settlement by due process of law and due pressure of power politics. Nasser was feeling the hurt of having $280 million in Egyptian assets frozen in the U.S. and Britain. Under the good offices of the World Bank, whose President Eugene Black himself flew to Cairo at the sticking point last month to press compromise on his friend Nasser, representatives of the old Canal Co. and the Egyptian government got together on a "general" financial agreement...
...State Department, pressing for an early settlement, let it be known that when it is reached, the U.S. plans to unfreeze $30 million in Egyptian assets blocked in the U.S. after Nasser grabbed the canal. The State Department insisted that the assets had been frozen only against the possibility that U.S. shippers, after paying Suez tolls to Egypt, might later learn that the tolls were legally owed to the old Suez...