International records / Foreign Relations of the United States

243. Memorandum From the President’s Assistant for National Security Affairs ( Scowcroft ) to President Ford

erhang the market. These constantly threaten to magnify small decreases in the rate of exchange, creating chaotic conditions such as those experienced earlier this week. [There are roughly $5.5 billion worth of sterling outstanding—held primarily by Nigeria ($1.5 billion), Saudi Arabia ($1.4 billion), and Kuwait and Abu Dhabi ($2.2 billion).] Callaghan indicates that this overhang problem must be solved if the British economy is to be held on a straight course and if its policies are to be given a chance to succeed. He hopes that a solution could be found to this problem, which would not requi…

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Source	Foreign Relations of the United States
Collection	International records
Kind	Document
Publisher	US Department of State, Office of the Historian
Date	1976-09-29
Type	diplomatic document (FRUS)
Details	Foreign Relations of the United States, 1969–1976, Volume E–15, Part 2, Documents on Western Europe, 1973–1976
Found at	https://history.state.gov/historicaldocuments/frus1969-76ve15p2/d243
Archived copy	Look it up in the Wayback Machine
Record ID	`frus:frus1969-76ve15p2/d243`

Cite this record

243. Memorandum From the President’s Assistant for National Security Affairs ( Scowcroft ) to President Ford. Foreign Relations of the United States, 1976. Vero Archive, record frus:frus1969-76ve15p2/d243.