With the nation's dollar reserves just about gone and some of its industries near bankruptcy. Generalissimo Francisco Franco decided to face the unpleasant facts. Last week he agreed to a sweeping austerity program in order to qualify for "at least $200 million" in credits from the International Monetary Fund and two other agencies, including' an undisclosed amount from the U.S., which already pours $200 million a year into Spain. Among the austerity reforms:
ΒΆ Devaluating the peseta from 42-to-the-dollar to 58, as well as ending the Spanish government's practice of juggling 13 different rates of exchange for imports and...