Word: melli
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Dates: during 1980-1989
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...part of the January 1981 hostage-release agreement. Iran had said it would repudiate its debts to American banks in late 1979, after Jimmy Carter froze Iranian assets in the U.S. Bankers from both countries now meet almost daily at the London branch of Iran's Bank Melli to allocate the fund, and participants say the talks have become increasingly free of polemics. The biggest settlement to a commercial bank came in July, when Iran agreed to repay $136 million to New York City's Manufacturers Hanover Trust...
Hardest hit is the construction industry, which has come to an almost total halt. Dozens of huge apartment complexes in Tehran stand unfinished. One example of the pervasive industrial malaise is the Melli shoe factory, which used to export 11 million pairs of shoes a year to the Soviet bloc. Production at the Melli plant, now run by production at the Melli plant, now run by a workers' council, is down to 2 million pairs a year, scarcely enough for domestic consumption. The council claims that the problem is lack of spare parts and materials; the real problem...