Word: thieu
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...Rejects demands to oust President Nguyen Van Thieu, Vice President Nguyen Cao Ky and Prime Minister Tran Thien Khiem, but makes no mention of keeping Communists out of the government that would be created to supervise elections. Previously, Washington has said that all "peaceful" political elements can participate; that, of course, could be interpreted to exclude any Communists who didn't agree to a ceasefire...
...ceasefire. As Vance sees it, there are a number of built-in advantages to his proposal. For one thing, it would leave each side in control of what it now has. Such control might lead to elections in which neither the Viet Cong nor the government of Nguyen Van Thieu would risk a total loss of power. Vance's expectation is that the Communists would win elections where they now have military and administrative control and that Saigon would control the cities and the central government...
...though he was well aware of the enormous difficulty of supervising the jigsaw-puzzle of opposing forces. Complicating the problem of control still further is the guerrilla war itself, and the jungle terrain in which large bodies of troops are not easily observed. Finally, neither the Thieu regime nor Hanoi seems willing to accept an arrangement that is not loaded in its favor...
...ease the situation, President Nguyen Van Thieu last week decreed a package of reforms aimed at cutting inflation to 15% next year-a dubious proposition. His most significant move was to devalue the piaster-sort of. He established a "parallel rate" structure under which his country's currency will still be valued at 118 piasters to the dollar rate for "necessity" imports, but 275 to the dollar for luxury imports. A canny political device, the parallel rate will increase prices-and government revenues-on such imports as TV sets and refrigerators, while keeping prices down on essential imports...
...Thieu's reforms may well prove too little and too late, partly because a recalcitrant Senate blocked him from taking more substantial measures. If they do not work, the country's budget deficit next year could run as high as 75 billion piasters...