Word: eca
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Dates: during 1950-1959
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Recently, ECA officials in Austria decided that the country was living beyond its means and was relying too heavily on ECA money. They cut some ECA subsidies; as a result, the Austrian government decided to raise food, coal and electricity prices by an average 30%. It also decided to raise wages, but only by 13%. The Reds saw this measure as a perfect cue to make trouble...
...ECA's Foster, L'Aube went on blithely, became a convert to communism after the Russian Revolution, was a defendant on "criminal syndicalism" charges in 1923, a candidate for the U.S. presidency in 1924, 1928 and 1932. By 1946, L'Aube said without further explanation, he was Under Secretary of Commerce, became EGA deputy in 1948 and deputy administrator last year...
...convalescent Paul Hoffman (recently returned from a two-month leave of absence for a gall bladder operation), Harry Truman appointed Hoffman's deputy, William C. Foster, onetime machinery manufacturer who had been Under Secretary of Commerce under Averell Harriman. Hoffman had been disheartened by Congress' insistence that ECA's European currency funds should go for rearmament (although he heartily favored a separate military aid program). Nonetheless, he wrote the President, Bill Foster might well preside over "ECA's period of greatest usefulness...
Last week on the back of a cigarette box, Sophocles Venizelos' new government (Greece's 18th since liberation), a Liberal-Populist-Social Democrat coalition, looked fine. It totted up to 158 seats. But ECA officials had lost patience with cabinet shuffling. At week's end ECA and State Department officials announced a slash in Greek assistance funds. "This action," said a Department spokesman, "is based upon the conclusion, after careful consideration and analysis, that the rate of progress in the Greek program has not been sufficient to allow complete and effective utilization of the amount originally contemplated...
...blow fell only six weeks after Greece's ECA Chief Paul Porter had told a U.S. correspondent: "You can say I'm optimistic-better make it cautiously optimistic." Added Porter: "We have attained relative economic stability, and for the first time the Greek budget looks like a real budget!" Porter drew the reporter's attention to the fact that for the first time since the war the gold sovereign rate had dropped, taxes were being collected, and some foreign capital was trickling in. The Greeks were getting out those long-hoarded gold sovereigns from their mattresses...