Great Britain: The Crisis Continues


Having barely survived a massive hemorrhage, the patient was still dangerously ill. But Prime Minister Harold Wilson left the bedside of the British economy to fly to Washington for his meeting with President Johnson. In the first week after emergency treatment was applied, through $3 billion in standby financing from eleven nations to halt a panicky run on the pound, Britain's currency rallied on New York exchanges to a high of $2.7929. But that was still below its par strength of $2.80, and for the basic cause of the sickness—Britain's longtime...

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