SPAIN: Oranges for Wheat

Before its recent civil war, Spain carried on a thriving trade with France and Great Britain. With France trade was nearly always balanced, but with Britain Spain usually had a big export surplus, which gave her pounds sterling to use in world markets. The civil war finished all that, but long before Generalissimo Francisco Franco's final victory, Spain had a substitute. Nazi traders moved in in numbers and organized an extensive, mutually satisfactory German-Spanish barter trade.

At civil war's end Generalissimo Franco, still holding a grudge against Britain and France for their long refusal to recognize his Government, snubbed British...

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