Spain: Return of the Bullion Billion

For the first time in 75 years of Western Hemisphere conferences, a Spanish delegate rose to speak. Spain's Ambassador to Brazil, Jaime Alba, told the twelve-day-old Organization of American States meeting in Rio: "We have always fraternally shared your sorrows and your hopes." Then he added: "The Spanish government has particular interest in making known to this conference its intention to make available over the next ten years credits of up to $1 billion." The announcement caused a sensation easily equaling the response to Dean Rusk's statement the week before that the U.S. would continue its Alliance for Progress...

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!