Word: drains
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Dates: during 1970-1979
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Political Storm. In France the merger has touched off a political storm. Communists called the deal "sabotage," and Gaullists termed it a "deception." Nonetheless, the deal promises to relieve a drain on the public budget; CII may have chewed up as much as $500 million in government funds over the past 8% years. A purely European solution, like a full merger with Philips of The Netherlands and Siemens of West Germany, would have left the French in a decidedly minority position and without access to the American market, which its marriage with Honeywell Bull now promises...
Independent Councilors Thomas W. Danehy and Daniel J. Clinton both opposed the loan, however, as an unnecessary drain on city finances...
...years Marcos has been trying to suppress the nearly 20,000 Moslem rebels, but his troops have suffered heavy casualties in the unfamiliar terrain; moreover the fighting has imposed a heavy drain on the national treasury. In recent weeks Marcos has questioned the value of the U.S.-Philippine mutual defense treaty. Some observers believe that he wants the existing treaty strengthened so that it unequivocally commits Washington to aid the Philippines if they are attacked and perhaps even provide some help in suppressing the insurgents...
...economic crisis to another, something-a sudden devaluation of sterling, a new draconian budget, the generosity of foreign lenders -always averted catastrophe at the last moment. Today, the British seem to have run out of expedients to solve their latest and worst crisis. Britain "is going down the drain," says Arthur Burns, chairman of the U.S. Federal Reserve Board. At last many Britons are becoming alarmed...
...welfare-statism. The British government now spends an average of $2,320 annually in social and health benefits for each member of the work force, a staggering sum in a nation where per capita income is only $3,085. The high taxes necessary to finance these benefits have helped drain away funds needed for the modernization of Britain's overaged and decrepit plants; industrial production in the past three years has risen much less in Britain than in any other major industrial country...