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Costly Debts. Financing such enormous deficits puts a heavy strain on the Western banking system. Already, many European nations are having to borrow at interest rates of 10% or so to pay for their oil. Though most have good credit, Italy recently had trouble raising $1.2 billion; it wound up borrowing from no fewer than 110 banks. Franz Aschinger, economic adviser of the Swiss Bank Corp., warns that over the next eight years "the accumulated debt tof the industrialized oil-burning nations] would be $400 billion with annual interest payments of $30 billion...

Author: /time Magazine | Title: MONEY: The Petrocurrency Peril | 6/17/1974 | See Source »

...logical that Bok and Rosovsky did not want to resurrect the ROTC issue during the 1973-74 academic year because the events of 1969 were too vivid in their memories. CHUL did not want to take action because it also feared the consequences of opening a wound that had just begun to heal...

Author: By Sydney P. Freedberg, | Title: Bok Stays Quiet On ROTC | 6/13/1974 | See Source »

...other leading Labor stalwarts also rejected offers to serve under the new Premier. Abba Eban, 59, who has feuded with Rabin ever since his appointment as Ambassador to Washington in 1968, was enraged when the Premier-designate offered the Foreign Ministry to Allon. Rubbing salt in the wound, Rabin offered Eban the Minister of Information folio, a lesser Cabinet job that Eban has always considered superfluous. Former Finance Minister Pinhas Sapir, 65-the kingmaker of the Labor Party-flatly refused to stay hi his post. According to Rabin's foes, Sapir even cautioned his chosen successor, Banking Executive Yaacov...

Author: /time Magazine | Title: ISRAEL: Rabin's Troubled Start | 6/10/1974 | See Source »

...sheer, giddy, lustful triumph, a day to wipe out memories of all the decades of defeat. Down Broad and Chestnut streets wound the motorcade last week while some 2 million zealots, nearly half the population of metropolitan Philadelphia, screamed with delight, threw confetti and fought with sweating cops to get close to their heroes. The Philadelphia Flyers had just won the Stanley Cup, symbol of supremacy in pro hockey, by destroying the Boston Bruins with un-Quakerlike ferocity, and the city had spontaneously taken Monday off to celebrate...

Author: /time Magazine | Title: AMERICAN SCENE: The New Philadelphia Story | 6/3/1974 | See Source »

...carnage, once the shooting ended, included 17 teen-agers dead and 70 wounded. Five of the wounded died afterward in hospitals. All three commandos had been shot dead inside the school. The national wound for all of Israel was almost as great. In Jerusalem, Israel's Parliament suspended debates as Knesset members hunched over transistor radios to pick up news reports. The funeral of the dead students next day was an occasion for national mourning ? and national anger. In Safad, where 10,000 people gathered as the children were buried, frantic mourners disrupted...

Author: /time Magazine | Title: MIDDLE EAST: Bullets, Bombs and a Sign of Hope | 5/27/1974 | See Source »

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