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...Gain. Fowler forecast last week that progress toward change will be achieved by next spring, and that the talks will be widened to include the smaller IMF members outside the Ten. That estimate is optimistic, but even France's Finance Minister Valéry Giscard D'Estaing admitted: "The ice floe on reform has at last broken. People are now ready to talk business." Perhaps it was symbolic that, in their off-hours Fowler and Federal Reserve Chairman William McChesney Martin played a brisk match of tennis against Giscard and his deputy, André de Lattre. Score...
...claimed 690 sq. mi. of Pakistani territory (see map), but had failed by a scant three miles to capture the strategic Sialkot plateau. Pakistan held 250 sq. mi. of Indian Kashmir and Rajasthan, but had lost -temporarily at least - half its armor. And Red China had lost that most val uable of Asian commodities: face...
...critics of France's internal economy, Finance Minister Valéry Giscard d'Estaing announced last week that the government plans to liberalize credits in order to spur investment and exports. That will do much to quiet De Gaulle's business foes. Criticism will also be tempered by French businessmen's acute awareness that they operate in a controlled economy in which the government has enormous power of the purse. As if to emphasize the point, Giscard also said that the government will raise $200 million that it will lend to "selected" industries...
This week Fowler is to meet French Finance Minister Valéry Giscard d'Estaing for talks in Giscard's palatial office in the Louvre Palace, fly on to Rome to meet Italian Finance Minister Roberto Tremelloni, then on to Bonn to talk with West Germany's Finance Minister Rolf Dahlgrün. Before the trip is over, he will also meet the top financial men of Britain, The Netherlands, Belgium and Sweden. After this month's session of the International Monetary Fund in Washington, at which Fowler wants a preparatory commission...
...liquidity, the dry-up of dollars will "hamper world trade, slow up the economic growth of individual countries and threaten a worldwide recession." Meeting in Basel, the Bank for International Settlements exhorted the major Western powers to end their stalemate over how to overhaul monetary arrangements. French Finance Minister Valéry Giscard d'Estaing cheered a throng of European financiers by indicating that France's position on monetary reform has become more flexible; he called for changes that stop short of a return to a gold standard...