BANKING: Down-Under Plan

It was the third biggest loan in the World Bank's history, and the fastest ever negotiated; instead of the usual months of negotiations, it had taken just 20 days for Australia to borrow a cool $100 million.* The loan was formalized last week in Washington's whitestone World Bank building, when tall, lean World Bank President Eugene R. Black and short, stocky Australian Ambassador Norman J. O. Makin briskly signed their names to a stack of papers (30 signatures apiece).

Australia will spend the cash in the U.S. during the next two years,...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!