Canada: Hard News

Throughout eight long weeks of election campaigning, Canada's Prime Minister John Diefenbaker, 66, insisted that "steady growth and expansion is the climate of Canada today." Anyone, such as Opposition Leader "Mike" Pearson, who pointed to vanishing exchange reserves or fleeing foreign capital, was dismissed as a "crier of gloom and doom." Last week, barely six days after he squeaked back to power with a wobbly minority government, Diefenbaker abruptly turned about to announce that Canada's foreign exchange reserves had dwindled so alarmingly that he had been forced to call on the 'U.S., Great Britain and the International Monetary Fund...

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