Word: denmark
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Dates: during 1960-1969
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...Denmark Did Less. Of the 22 countries that also cut the value of their money, most were small, sterling-area nations whose fortunes depend on their sales to Britain, or to other devaluing countries. Sixteen precisely matched the 14.3% British devaluation: Barbados, Bermuda, Cyprus, Fiji, Gambia, Guyana, Israel, Ireland, Jamaica, Malawi, Malta, Mauritius, Nepal, Sierra Leone, Spain and Trinidad and Tobago. At first, Hong Kong lowered the exchange value of its dollar by a like amount, but the price of food (mostly imported from mainland China) and other goods promptly jumped between 7% and 20%, stirring so much discontent among...
...Denmark devalued less than Britain: 7.9%. It was a half measure intended to help Danish farmers keep their vital outlets for butter and bacon in Britain while penalizing its much larger but import-dependent industries as little as possible. New Zealand, with its whole economy already weakened by falling wool prices, devalued 19.45%. Ceylon devalued 20%, and at week's end tiny Iceland took the biggest...
Cheaper Exports. When Clement Attlee's Labor government last devalued the pound in 1949 (from $4.03 to $2.80), 23 nations followed by devaluing their own currencies. This time, several countries-Ireland, Denmark, and Israel-almost immediately followed Britain's move by devaluing, and others are sure to follow this week, particularly within the British Commonwealth. The Common Market countries immediately decided not to follow Britain's lead, and the U.S. lost no time in announcing that it has no intention of devaluing the dollar. In a White House statement, President Johnson said that he could "reaffirm unequivocally...
...ller made the most of his small stake, and in 1904 he was able to buy a secondhand steamer. He parlayed that one vessel into what is now a multimilliondollar empire. A believer in running a tight ship, A. P. MØller was one of Denmark's richest men when he died in 1965 at the age of 88. He passed the helm of the company to his son, Maersk McKinney* MØller, now 54, who commands his diverse enterprises from an inconspicuous red brick building on King's Square in Copenhagen. Near his desk hangs...
That was before last week, however, when Long and the Senate began to get flak from the anti-protectionist side. Angry protests poured in from Britain, Australia, Canada, Japan, Denmark, Finland, Sweden, Norway and 14 Latin American nations. The six Common Market members sent six separate notes of protest. The complainers intimated that if the U.S. insisted on being protectionist, they would refuse to ratify the Kennedy Round agreement. Moreover, under present GATT regulations, they are free to put quotas of their own on imports from...