In 1944, Belgium's Finance Minister Camille Gutt took stern action to get his country back on its feet: he tightened credit, levied heavy taxes, cut government spending to the bone. The course was unpopular in Belgium, and Gutt fell from power. But last week gutty Mr. Gutt, now head of the International Monetary Fund, had his reward. The Fund announced that Belgium had paid in full the $33 million loan borrowed two years ago to build up its dollar reserves. It thus became the first European nation to wipe out its debt to the Fund.* Said one Fund official:...

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