MIDDLE EAST: Clumsy Broker

Horsetrader David Harum never had such troubles. All Uncle Sam wanted to do last week was to be the honest broker between immovable Great Britain on one side and immovable Iran and Egypt on the other. It was late in the day, but nobody could say the U.S. didn't try—at least in its usual tentative way.

In Teheran, the U.S.-dominated World Bank offered to put up the money to reopen Iran's oilfields and refineries. Iran simply had to agree to a three-way profit splits—with equal shares for the bank, Iran, and for the oil purchasers (principally the dispossessed Anglo-Iranian...

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