Word: finland
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Dates: during 1960-1969
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...overseas, which reached $5 billion last year. Under an obscure provision of the 1917 Banking Act, he decreed the first mandatory controls in U.S. history on such outlays, replacing the half-effective "voluntary" restraints in force since 1965. In South Africa and continental Western Europe (except for Greece and Finland), new investments of money from the U.S. were barred completely. Companies may finance new projects from foreign earnings and depreciation allowances, but only up to a ceiling of 35% of the average level of such expenditures in 1965 and 1966. In Latin America, Africa and Asia, investments will be held...
Lost Teeth. Macmillan draws on his diaries and seldom has to correct by hindsight his first impressions. They are not without humor, as in the episode involving Lord Davies, a Welsh magnate who was Macmillan's companion on a mission to Finland. Macmillan's diary records the event thus: "Lord Davies has left his teeth in the train. "Lord Davies has lost his passport...
...variety of retaliatory schemes. Among them: shaming De Gaulle by bringing home from French soil the remains of 60,501 U.S. soldiers who died defending France in two wars, demanding that France repay more than $4 billion in World War I debts (which France and other European debtors except Finland ceased paying in 1932), swamping France's lucrative grain-export markets with American wheat, or putting a tax on American tourists to France. These are the kind of ideas that sound attractive-until one remembers that France, too, has great retaliatory powers, because it buys more from...
...seventh time since World War II, Finland has devalued its currency, this time by nearly one-third. In the future, it will require 4.2 Finn-marks, instead of 3.2, to equal a U.S. dollar. The move was received with resignation. Jested Kari Suomalainen, a leading cartoonist: "First we had the minicar, then we had the miniskirt, and now we have the minimark...
Devaluation was the inevitable answer to chronic economic ills. Last year Finland's gross national product was $8.6 billion, showing a mere 2.2% increase over the previous year, and well down from the average 5% growth rate during 1960-65. More than a fifth of the national income comes from exports, mostly to Western Europe. Slackening economies, particularly in Great Britain and West Germany, have cut Finland's export earnings. Meanwhile despite restrictive government policies and tight credit, imports remain high and the trade gap is running at $220 million for the second consecutive year. Unemployment has gone...