Word: prepay
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Dates: during 1960-1969
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Limit for Freedom. The three moves were quite a change from Washington's earlier attempts to nibble at the problem by reducing tourists, duty-free imports and inducing allies to prepay their postwar debts. As the U.S. Treasury reported that U.S. gold stocks have dropped $100 million so far this month, to a 24-year low of $15.6 billion, a top economic adviser to President Kennedy conceded that "our old program had become an obvious failure." Washington hopes that its new program will cut the U.S. balance-of-payments deficit-which rose to an annual rate of $3.2 billion...
...sort of icebreaking present to the Kennedy Administration, the West German Foreign Ministry announced, on the day Adenauer departed for Washington, a plan to prepay $587 million of West Germany's postwar debt to the U.S., not due until the 19803, thus easing the U.S.'s balance-of-payments deficit...
...would be willing to help out by making early repayment of $787 million they owe the U.S., provided that the U.S. take $187 million off that amount as credit for the estimated value of German assets seized by the U.S. in World War II. They would also agree to prepay about $350 million on current U.S. arms contracts and boost Germany's share of NATO housekeeping costs by $18 million. On paper, the total contribution came to about $1 billion, but practically all of it was money the U.S. was going to get anyway. In addition, the Germans quietly...