Word: socialists
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...expected to brief Giscard on the U.S.-Soviet strategic arms talks and will also discuss U.S. concern over the booming international arms business and the spread of atomic weapons. As a favor to Giscard, who leads a center-right political coalition that faces a strong challenge from the socialist and Communist parties in parliamentary elections this spring, Carter will make several public appearances...
...parliamentary pact with other parties was in disarray. An all-out general strike, threatened by the unions, held the possibility of toppling the government altogether. And a swelling chorus of leftist parties, led by the Communists, was demanding the formation of an all-party "emergency government." As the Italian Socialist Party newspaper Avanti! warned: "The countdown against Andreotti has begun. " From Rome last week TIME Bureau Chief Jordan Bonfante cabled this report on the latest stage in Italy's ongoing crisis...
...blows, the closing of the Suez Canal cost Egypt an estimated $2 billion in vital revenue. Capital investment was diverted to acquire military hardware; arms spending currently absorbs 28% of the Egyptian national budget. After becoming President in 1970, Anwar Sadat began to dismantle Gamal Abdel Nasser's cumbersome socialist state and once again invited foreign investment. But the response has not even been as loud as a whisper. Last year, in order to pay off short-term debts, more capital flowed out of the country than into it. The balance of trade deficit is now equal to a fifth...
That lightning move solidified Sadat's hold on the country and gave him the confidence to turn away from Nasser's sweeping pan-Arabism and to abandon his predecessor's repressive socialist state. Sadat later felt bold enough to tell colleagues that he felt Nasser had been a disaster for Egypt: the wars, the large Russian presence, the seizure of property, the elimination of the private sector, the concentration camps. In a public ceremony, with Sadat in attendance, the Interior Ministry's large collection of taped conversations was burned. The government began returning private property...
...application to join the European Community and immeasurably boosted Lisbon's prestige in the West, the East bloc and the Third World. He negotiated a series of major loans, including nearly $1 billion in aid from the U.S. At home, all but four of 78 pieces of Socialist legislation presented to the assembly had been passed. Among them: a comprehensive agrarian-reform law, a measure providing compensation for the nationalization of industries and a new civil code granting equal rights to women...