Money: The Reward for Pulling Up Socks

Following sterling's devaluation in November, the International Monetary Fund arranged a $1.4 billion line of credit for Britain—with the proviso that the money could be used only if Prime Minister Harold Wilson's government took drastic measures to cure the country's chronic balance of payments problem. When Britain was allowed to go ahead and tap that credit last month, it meant that the IMF was reasonably satisfied with the way in which Britain has pulled up its socks, economically speaking. Last week London received still another vote of confidence from international moneymen: central bankers from twelve industrial nations-agreed in Basel,...

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