Word: dam
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Dates: during 1950-1959
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...clacked in from U.S. outposts in the tense Middle East. State was braced for the possibility that Russia's Foreign Minister Dmitry Shepilov (see FOREIGN NEWS) would offer to sell Egypt arms, would offer Egypt a $1.3 billion loan-or a blank check-to build the Aswan High Dam, that Egypt's Premier Nasser would find it hard to turn down such easy and astronomical money (roughly half of Egypt's gross national product). State was concerned likewise that neighboring Israel might be fanning up a new "get tough" policy after dismissing moderate Foreign Minister Moshe Sharett...
...still stood on its conditional offer to grant Nasser $56 million toward his dam (Britain is still ready to grant $14 million), to precede a World Bank loan of $200 million. The reasons were basic and simple: 1) the U.S. offer, with its businesslike requirement of a sound Egyptian fiscal system, was good for Nasser-and he knew it; 2) the U.S. knew full well that if Nasser accepted Russian easy terms he was bound to pay a heavy price in independence besides having a hard time laying his hands on the money-and presumably Colonel Nasser knew that...
Later this week Banker Black comes to the most crucial part of his trip: Egypt. The most important single development project in the world today is the proposed high dam spanning the Nile at Aswan. The 15-year, $1.3 billion project will have 1,440,000 kw. of power capacity and increase Egypt's electric supply eightfold. Several months ago Black worked out a deal to lend Egypt $200 million to help get the project started, with the U.S. and Great Britain adding grants of $70 million. The only thing to be settled was the question of water rights...
Then the Russians, who had previously offered a $300 million loan, started jiggling the bait again. Though Egypt's Strongman Gamal Abdel Nasser prefers Western aid, and knows that he will get more dam for the money with no political strings attached, he is cagily bargaining with both sides. Last week Nasser received Russia's junketing Foreign Minister Dmitry T. Shepilov, who arrived in Cairo with tempting new offers (see FOREIGN NEWS). But on this trip, Black hopes to nail down the deal once and for all. Both he and the Reds know the size of the stakes...
George Francis Patrick Flaherty was riding his Irish luck. Rolling out for the Indianapolis 500-mile Memorial Day auto race, he wore a jaunty shamrock on his helmet, and he didn't give a tinker's dam for the auto racers' superstition that green is the devil's own color on the track. With his John Zink Special, almost an exact copy of last year's winner, 30-year-old Pat Flaherty had already spun through his trial heats fast enough to set a one-lap record: 146.056 m.p.h. In the big test itself, freckle...