Word: ecaid
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...last concluded that his students' delicate egos could stand a bit of bruising, the U.S. began to tell off the bad little boys of the EGA class. First to get a tongue-lashing was Greece, where Ambassador Henry Grady warned Premier Sophocles Venizelos that continued ECAid would depend on improved economic and political behavior. Last week the Greeks were joined by two more victims of the new American candor-the Republic of Korea, which was" told to check inflation, and Italy...
...utterances are usually the occasion for deep parliamentary gloom, last week brought a note of cheer to the House of Commons. During the first three months of 1950, Cripps reported, Britain and the rest of the sterling area had chalked up a dollar surplus of $40 million more than ECAid; it was the first time since war's end that the sterling area had been out of the red, and few M.P.s could repress their, cheers...
Despite Cripps's temporary surplus, Britain was certainly not out of the woods. Without continued ECAid, she would slip quickly back into a dangerous crisis...
...years since the ECAid began, Western Europe's industrial production (excluding Germany's) had risen to about 15% above the 1938 level. The dollar gap (the amount by which Europe's imports from the dollar area exceed her exports to it) had been narrowed from $8.5 billion in 1947 to an estimated $4.5 billion for 1950. Western Europe's economic strategists generally think that by 1952, when ECAid ends, they will have narrowed the gap further, and will have achieved a "manageable" economy...
...country's administration is flabby and corrupt; despite ECAid, its economy is semi-paralyzed by public distrust. Recently, when a Greek businessman sought ECA backing for a gold-mining project in Macedonia, an ECA official snapped: "The best place to dig for gold in Greece is in people's mattresses." The imprint of war still remains heavy on the land-and even on the language. A Greek washerwoman, bent over her heaped sink, will say: "Polemo tin bougada" (I am making war on the laundry). A truck driver sprawling underneath his truck will say: "Polemo tin mechani...