Word: pound
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...Ronald Bush, Pound's A Lume Spento...
...attempt to cut back on Britain's social services will meet raucous opposition from left-wing Laborites in Parliament. But the leftists are not likely to gain enough support among opposing Liberals and Tories to have the spending cuts rejected. Britain does not have much choice. The pound has been in sharp decline through most of the year, dropping from $2.03 in January to $1.66 last week. Moreover, foreign debts are falling due. For example, about $1.6 billion must be paid this month on an earlier loan from the Group of Ten (industrial nations). Britain's creditors, including...
Financial Help. Callaghan did get one sweetener from Ford and Schmidt: they agreed to provide financial help in easing the problem of sterling balances, which weaken the pound's stability. Sterling balances are pound deposits held in British banks by foreigners that can be withdrawn on a moment's notice; they are often dumped on foreign-exchange markets at the first sign of economic trouble. Callaghan, like many other Prime Ministers before him, wants to convert these volatile short-term deposits to long-term debts; precisely how this will be done and what kind of financial help...
...Hume emerged as a Londonderry community leader, founding the island's first self-help credit collective for Derry Catholics, "to help them to help themselves." The collective, which started with a five-pound investment, quickly blossomed into the still-powerful Credit Union Movement of Ireland. Hume served as president of the movement from...
...natural allies. So it came as a surprise to many Britons last week when the Sunday Observer (circ. 668,000), one of Fleet Street's most literate papers, was purchased by the Atlantic Richfield Co., a $7 billion Los Angeles-based oil giant. The token price: one pound sterling, or about...