Word: imf
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Dates: during 1960-1969
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...varying degrees of difficulty, some fancy financial footwork has been necessary. To fortify the franc, France earlier this month was forced to draw $745 million from the International Monetary Fund, the country's first such loan since 1958. The next day Britain followed suit by tapping the IMF for credits totaling $1.4 billion...
...circumstances under which a nation may use its SDR's. It must also fix some sort of limit, probably adjusted to a nation's volume of trade and size of GNP, to which the nation may draw, and decide the manner in which the proposal must be ratified by IMF members...
...obstructionist tactics of France (which is generally opposed to the change, but, if it should occur, wishes to be part of a board regulating the granting of SDR's--an annoying and arrogant, if not illogical, position), the SDR will probably be approved by the fixed proportion of IMF members. It could be in effect as early as next year...
...reasons for its adoption are quite clear. At present there are two major types of reserves being held by nations to finance deficits and satisfy their normal transactions demands for a freely exchangeable currency: dollars and gold. The reserves of gold which the members of the IMF may legitimately hold have been frozen; they may neither sell nor buy gold on the open market without losing their right to exchange dollars for gold at the $35 an ounce price; they can only exchange a fixed amount of "$35 gold" among themselves. The U.S. is trying desperately to eliminate its balance...
...reserves at a time when the supply of gold is zero and the supply of dollars is decreasing. Faced with the alternatives of creating some sort of international currency, experimenting with freely fluctuating exchange rates, or returning to the pure gold standard, the majority of the members of the IMF indicated a preference for the first...