Word: imf
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Dates: during 1960-1969
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...International Monetary Fund has been urging him to do for months. In the past, Gestido's economic policy stressed self-help over foreign loans, since help from abroad almost always demands austerity measures. Then last March, he made his first shift in policy and appealed to the IMF for help, austerity or not. "The road of isolationism and internal effort," he said in a televised speech, "is too long, painful and perhaps sterile in today's world." Five of Gestido's eleven Cabinet ministers quickly resigned, and when insults began flying, Gestido even challenged his former Finance...
Artificial Reserves. The new money goes by the awful label of S.D.R. (for "special drawing rights"). It will consist of wholly artificial reserves, set up as a separate fund on IMF's books and backed by lOUs in the currencies of participating countries. Nations will automatically be credited with S.D.R. in proportion to their regular IMF deposits, but only 30% of S.D.R. actually used need ever be repaid. The other 70% becomes a permanent increase in each country's liquid assets-"paper gold" that moneymen feel should some day become as coveted as the metal...
Thus Japanese Finance Minister Mikio Mizuta echoed the sentiment of most of the 2,200 delegates, bankers and officials in Rio when he called last week's agreement "the greatest step forward since the creation of the IMF" 23 years ago at Bretton Woods, N.H. It was also a considerable personal triumph for U.S. Treasury Secretary Henry Fowler, who had to overcome the fears of skeptical central bankers that the U.S. would use S.D.R. to cover up its chronic payments deficit...
Picaresque Assets. True to Gaullist form, the French insisted that the U.S. must end that deficit before any S.D.R. are created, but their stand won scant support from other countries. More worrisome was French Finance Minister Michel Debré's demand (supported by West Germany) that IMF's charter be revised to give the Common Market veto power over all future expansion of IMF reserves and the use of IMF loans by debt-laden countries. "If we don't get our way," threatened one European finance chief, "the Americans aren't going to get any monetary...
Each nation will participate in proportion to its IMF deposits. The U.S., for example, accounts for 24.59% of the fund's resources...