Word: metrication
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Dates: during 1980-1989
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Because of the Polish crisis, the Soviet Union's cash balance in Western banks dropped at least $5 billion last year, to a level of $3.6 billion. The Soviets were forced to sell an estimated 200 metric tons of gold, more than twice the 90 tons sold in 1980, to raise an estimated $2.6 billion in Western currencies. The sale of ingots is one of the main reasons that the price of gold, which reached a record $850 an ounce in January 1980, is now around...
...action in world financial markets last week, however, left Western financial analysts more puzzled than enlightened about the Soviets' future action. Moscow continued its recent major gold sales, even though they were forcing down the price. In the past three weeks the Soviets have sold an estimated 100 metric tons of gold for more than $1 billion. Rumors that the Soviets are seeking $350 million in loans circulated last week in European banking circles. The money would seemingly be used to help the Poles...
...Italy, The Netherlands, Belgium, Austria and Switzerland are also expected to buy large amounts of gas from the pipeline. Contracts worth about $1 billion for the construction of compressor stations have been awarded to West German and French firms. Still to be negotiated are the contracts for 3.25 million metric tons of steel pipe worth more than $2 billion...
Mubarak ordered his government to launch an attack on the economic malaise that many analysts consider to be the main cause of the discontent that threatens his regime. He got a big assist from Washington: a pledge to provide some $275 million for the purchase of 1.5 million metric tons of wheat and flour. It is the largest sum given any country under the U.S. "Food for Peace" program...
...citizens of the Soviet Union may be facing a long winter of food shortages. Estimates of the size of this year's harvest in the U.S.S.R. are falling almost as fast as the temperature on the Siberian tundra. Less than a month ago, American experts predicted 180 million metric tons of grain, which would be 5% less than last year's production and 24% lower than 1978's record harvest...