Word: lebanon
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Dates: during 1960-1969
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...Tiny Lebanon's flamboyant capital sprouts new buildings like palm trees, boasts more Mercedeses than mullahs, lures thousands of tourists and happily shares its year-round sunshine with courtesans in bikinis as well as desert Arabs in burnooses. But Beirut's most beneficent climate is the climate of trade, the heritage of its Phoenician forebears. In the Levantine landscape nothing seems to grow faster or greener than the city's banks...
Saudi Arabia's King Saud keeps some $20 million there, and Jordan's King Hussein has several secret accounts (he signs his checks on one account with a pen name, "The Eagle"). Such depositors appreciate the fact that Lebanon has one of the world's freest capital markets and a Swiss-like secrecy law so rigid that any loose-tongued banker can be jailed for two years. Beirut's safety has also impressed some of the usually suspicious sheiks of the Persian Gulf. Sheik Shakhbut of Abu Dhabi, who earns $1,000,000 a week from...
Under Mattresses. As remarkable and diverse as their depositors, Lebanon's wily bankers come from all levels of a highly mobile society in which poor men get rich quick but seldom vice versa. Though they primarily serve the Moslem world, most are Christians. The giant among them, Yusuf Bedas, 51, began as a moneychanger operating out of two small rooms in 1948; now his Intra Bank has assets of more than $1 billion and branches from New York to Nigeria. He is building another branch on Paris' Champs Elysées, last week bought a four-story Rome...
...caused Shishekly's downfall. Many army officers opposed the ruthlessness of the campaign and, within weeks, the garrison of Aleppo mutinied against "the despot Shishekly, stepson of imperialism." Not waiting to argue the point, Shishekly abandoned his wife and children in Damascus and fled across the Anti-Lebanon range in a snowstorm to the safety of Beirut. During the next few years he vainly plotted a return to power from Saudi Arabia and Switzerland...
...Lebanon's President-elect Charles Helou dragged his feet on diverting the Hasbani River, pointing out that his small, 8,000-man army was no match for Israel. Lebanon, Syria and Jordan were ready to increase their armed forces by 30%, as demanded by Egypt's General Ali Amer, commander in chief of the projected Arab army, but complained that they could not pay for it alone. Iraq's Abdul Salam proposed that Amer be authorized to move Arab forces anywhere in Arab territories during a time of danger. This started a wrangle in which it became...