Word: credited
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Dates: during 1960-1969
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...riot commission. Storefront offices in the slums are not so much police stations as referral stations-each staffed by a cop, a sanitation man and a member of the state employment service-for a whole spectrum of social problems, from health to jobs. Police are given partial credit for keeping St. Louis relatively quiet. Other problems remain unsolved. St. Louis has a rising crime rate and is a major Midwest base for organized crime...
Following sterling's devaluation in November, the International Monetary Fund arranged a $1.4 billion line of credit for Britain-with the proviso that the money could be used only if Prime Minister Harold Wilson's government took drastic measures to cure the country's chronic balance of payments problem. When Britain was allowed to go 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...
Promise of Compensation. Britain's hopes for an economic turnaround were further buoyed by its new financing arrangements. Purpose of the ten-year credit package was to stanch flight from the pound by countries in the so-called "sterling area," which consists of all British dependencies and Commonwealth members (except Canada), plus such other countries as Kuwait, Jordan, Libya and Ireland. Because they hold the bulk of their reserves in pounds, most sterling-area members suffered automatic losses when the pound was devalued-and a number of them have lately been selling off large amounts of sterling...
Although final agreement on Britain's new credit package will not be reached until September, the basics are clear. The $2 billion would be used only to finance sales of pounds by those sterling-area countries that are experiencing balance of payments deficits of their own, thus eliminating the need for Britain to continue dipping into its own reserves. Those countries free of deficits, meanwhile, will be asked to hold onto their sterling. In return, Britain will promise to compensate them for all losses incurred in the event of another devaluation of the pound...
...Austria, Belgium, Canada, Denmark, The Netherlands, Italy, Japan, Norway, Sweden, Switzerland, West Germany and the U.S. Another participant in the negotiations was France, which opted out of the credit scheme because of its own financial difficulties...