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Creation of the "Witteveen facility," as the emergency pool has already been dubbed, will greatly expand the IMF's rapidly growing importance as lender of last resort to countries about to go on the rocks -and demander of unpopular economic steps that nations must take to qualify for their loans. That is a role that was never planned for the Fund when it was created at the Bretton Woods, N.H., international monetary conference in 1944 and would have seemed unlikely even four years...

Author: /time Magazine | Title: MONEY: The Lender of Last Resort | 8/15/1977 | See Source »

...world. But just another retired bureaucrat he is not. His extraordinary achievements as Secretary of State, the friends he made in the power fraternity, have given him a postgraduate status among diplomats that has never existed before. Germany's Helmut Schmidt breakfasted secretly with Kissinger at a British resort in April. Britain's James Callaghan and France's Valery Giscard d'Estaing both invited him to dinner when they learned that Henry was coming to their respective countries. Soviet Ambassador Anatoly Dobrynin asks him to lunch every few weeks in Washinngton. When Egypt's President...

Author: /time Magazine | Title: THE PRESIDENCY by HUGH SIDEY: Henry: Watching, Waiting, Worried | 8/8/1977 | See Source »

Technically, the film is inept - suspenselessly shot, each resort to the special-effects man visible. In closeup, Orca has a very rubbery look, but perhaps no more so than his human costars, come to think...

Author: /time Magazine | Title: Cinema: The Shallows | 8/8/1977 | See Source »

...statements the parties might split into "mixed commissions"-that is, Israeli groups meeting separately with teams from Egypt, Syria and Jordan. The Premier also said Israel was prepared to negotiate on such mixed commissions even if the Arabs refused to go to Geneva. He even agreed, as a last resort, to "proximity talks" like those held at Rhodes, where the late Ralph Bunche moved between two groups in different rooms of the same hotel to work out the 1949 Israeli-Arab armistices...

Author: /time Magazine | Title: DIPLOMACY: From Geneva Up to Geneva Down | 8/1/1977 | See Source »

Like many towns that fell to the advancing forces of Generalissimo Francisco Franco during the Spanish Civil War, the mountain resort village of Cercedilla (current pop. 4,000), 35 miles north of Madrid, suffered its share of Nationalist vengeance. Some Republican sympathizers were imprisoned and a few were shot, while many more fled to exile. One of those never accounted for was Protasio Montalvo, the Socialist mayor of Cercedilla during part of the war. For years villagers wondered whether he had died fighting on some distant front or had been a victim of mass executions after the war or perhaps...

Author: /time Magazine | Title: SPAIN: The Mayor Who Came Out of the Cellar | 8/1/1977 | See Source »

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