Word: internationale
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Dates: during 1960-1969
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Thus, Britain had little choice but to accept a lesser role in international finance. "The alternative might have been chaos," said Sir Leslie O'Brien, the governor of the Bank of England. "Our performance since devaluation has been disappointing, but I believe we will get it right. We have...
The industry as a whole confidently expects passenger traffic to begin catching up with airline capacity by 1970. Until that happens, the airlines will remain in a bind. Engaged in a fierce competitive battle to sell more seats, the industry has been spending lavishly on promotion gimmicks. The results have...
Once again, the central bankers of Western nations rallied last week to support the pound sterling. They agreed to give Britain $2 billion of stand-by credit. This time, however, Britain's creditors insisted on tough new terms to correct the anomaly of a country that seeks to retain...
That role, which the pound shares with the U.S. dollar, has long strained Britain's resources. Accordingly, the plan lifts some of the burden of maintaining a reserve currency from beleaguered Britain, shifting the cost to the multination Bank for International Settlements in Basel, as backed by the central...
Technically Insolvent. The aid package involves a fundamental if delicately controlled change in the world's intricate monetary system. Other nations hold pounds and dollars, along with gold, as reserves to help underpin the value of their own currencies, using them to bankroll trade and settle international accounts. British...