Turkey, drifting dangerously close to the reefs of bankruptcy, has been beaming a steady distress call to Washington. The Turkish appeal: a $300 million loan, without strings. The U.S. has repeatedly refused to come through, insists that first the government of Premier Adnan Menderes must 1) take reefs in the inflationary Turkish economy and 2) agree to conditions for putting further U.S. aid to lasting use instead of frittering it away.

Apparently convinced that the U.S. can be persuaded to give in to so valued an ally, the Menderes government has acquired the...

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