IRAN: Rescue Operation

Twice last week, U.S. Ambassador Loy Henderson closeted himself with Iran's new Premier Fazlollah Zahedi for discussions of "urgent matters," meaning dollars. Then he hurried back to the big, red brick U.S. embassy in Teheran, where his staff, in shirtsleeves, worked full speed. Messages winged between Teheran and Washington, between Washington and London. The West's diplomats faced an opportunity they had muffed once before. The challenge: to convert Iran's wondrous reprieve into a sustained survival. The need: to support Iran's economy until it can support itself.

Twenty-eight months of Mossadegh had left Iran a mendicant, left its finances $544 million...

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