Word: crediting
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Dates: during 1950-1950
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...which usually sternly preaches that countries must live within their means, kept telling the Italian government that it was not living up to its means. ECA officials advised the government to relax credit to give industry a badly needed impetus, expend more ECA counterpart funds on public works to reduce unemployment. The government for the most part ignored these suggestions. Last week, New York Times Correspondent Arnaldo Cortesi summed up ECA's complaints in a dispatch to his newspaper. When the Italian press picked up the story, Italy's able ECA Chief Leon Dayton, former president...
...Much Medicine? To combat disastrous postwar inflation, Premier Alcide de Gasperi's government three years ago had launched Italy on a course of courageous fiscal austerity. The government tried to spend as little as possible on public works, clamped severe restrictions on bank credit. These measures worked to stop inflation, stiffened the spine of the lira. But Italy, the ECA men say, has had an overdose of its fiscal medicine...
...their opinion, the Italian government is too preoccupied with keeping the lira stable, is not doing enough for a vigorous expansion of industries. Businessmen find it hard, if not impossible, to get capital for expansion; the credit shortage is part of the reason why Italian industry, despite great progress, is still not producing enough (the mechanical industries now operate only at 60% of capacity). ECA officials were worried about Italy's 1,800,000 unemployed. Above all, they were afraid that Italian industry in its present condition would not be able to do an adequate job of defense production...
Tito would like about $50 million worth of food on U.S. credit, but Washington has been cold to the suggestion. Negotiations with the U.S. Department of Agriculture's Commodity Credit Corp. for the purchase of surplus food have come to nothing...
Yankee Manager Casey Stengel came through with as much credit as anybody. Everything he tried seemed to work for him. When it was all over, crease-faced Casey, a good winner, reached out a paw to Eddie Sawyer, who had broken a path for himself to the Yankees' dressing room. "You got a good ball club there," Casey shouted. "You played good ball through the series. You did a great job as manager...