"If a general has to capture a hill, it is better to take it in one go rather than attack three or four times. You lose fewer men that way." Thus, last week, International Monetary Fund Director Per Jacobsson explained the fund's $1.3 billion loan to Britain to prop the Suez-battered pound. Instead of help in drib lets, Britain asked for and got the largest loan permissible under the fund's rules.
Britain may immediately draw $561,-470,000 in dollars to shore up its gold and dollar reserves—down $279 million last month to $1.9 billion, lowest figure since the 1952 payments crisis caused by...
To continue reading:
or
Log-In
