Word: dollarization
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Dates: during 1980-1989
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Still, there will be no lack of subjects fit for heated debate. The Europeans charge that a soaring American dollar is worsening inflation and unemployment in their countries. At the same time, the U.S. wants the other nations to be far more cautious in trading with the Soviet Union. But diplomats have pretty well decided to aim not for detailed agreements on specific questions but for general expressions of a desire to cooperate...
...chain of financial command in Saudi Arabia is short and autocratic. On multibillion-dollar investments, Crown Prince Fahd, who oversees most government matters for King Khalid, makes the final decision. For medium-scale transactions of a billion or two, Finance Minister Mohammed Ali Abdul Khail can give the approval. In deals involving no more than a mere $500 million, SAMA Governor Quraishi is empowered to act entirely...
...most of all, a grant from the NEA legitimizes an organization in the eyes of corporate and private patrons. A theater company with a $100,000 federal grant usually finds private sector support much easier to come by. "The NEA has generated at least $5 for every federal dollar spent over the past five years," Florence Lowe, director of Public Affairs at the NEA, says. "Support for the arts in the private sector has increased tenfold...
...dollar's 25% rise against the drachma has boosted tourism in Greece 22%, claims the Greek National Tourist Organization. Many travel agents and hotel owners doubt the official figures, arguing that not only are there fewer tourists but they spend less. Nevertheless, hotels in Athens and on Rhodes, Crete and Corfu, the country's most popular attractions, will all be full this summer...
...that the real boom in foreign travel will not come until late summer or fall. Right now, says one New York agent, people are deciding to go abroad on the spur of the moment. Some travelers may have been reluctant to plan trips in advance for fear that the dollar would not hold up well. But several airlines, including TWA and Air France, expect a rush of travelers later this year, after the summer tourists return home and start boasting about the bargains they found...