,.


' Tuesday, November 27, 1973

' Mr S -i \\,( r. AILY

Page Three

_ __


WHILE WALL STREET PLUMMETS:

Nixon claims

'energy

New Greek regime fires generals
to avert possible army counter-coup

crisis only temporary'

WASHINGTON (Reuter -
President Nixon, assured Amer-
icans again yesterday that t h e
energy shortage was only tem-
porary, but Wall Street plum-
meted in reaction to his fuel-
saving measures and uncertainty
over the crisis impact on t h e
economy.
Nixon Sunday night announced
several emergency measures like
a proposed nationwide ban on
Sunday gas sales as his first
steps to tackle the crisis. A num-
ber of congressmen, however,
charged that these were n o t
enough and there were predic-
tions gas rationing might event-
ually be necessary.
The Dow Jones Industrial In-
dex slipped sharply for the fifth
greatest one-day decline in its
history. The blue-chip barometer
fell 29.05 points to 824.95 amid
heavy selling on the New York
Stock Exchange, where s h a r e
prices last week had already
dropped to their lowest level of
the year.
The president, addressing t h e
Seafarers International U n i o n,
reiterated that the oil shortage in
the country was a temporary
problem but he added that its
duration depended on resumption
of Middle East oil supplies.
Arab states imposed a total
embargo on oil to the United
States because of its pro-Israel
policy but that alone is not re-
sponsible for the present situa-
tion. An energy shortage has
been looming for years because
of sharply rising demand and in-
adequate refining facilities.
Nixon also told the Seafarers
Union that his goal was to make

the United States totally self-
sufficient for its energy needs by
1980 so that "nobody can cut
our lifeline."
Congressional criticism of Nix-
on's austerity plan as not being
tough enough was tempered with
a feeling by at least one lead-ig
senator, Senate Republican lead-
er Hugh Scott, that a wait-and-
see attitude should be adopted.
But even Scott thought ration-
ing could come. "Eventually they
might have to get to rationing,
he said.
Nixon, as part of his efforts to
solve the, energy crunch, sched-
uled a bipartisan meeting of con-
gressional leaders tomorrow
morning. Senate Democratic
leader Mike Mansfield and other
Democrats were expected to
stress their view that rationing
would be a more equitable step
than heavy federal taxes which
have been talked about by Ad-
ministration officials.
Mansfield told reporters Pres-
ident Nixon's measures were "a
small step forward in thc- right
direction, but the step is not long
enough."
The Senate Democratic ieader,
who in the past has been some-
what cool to Israel, said: "I
don't know what steps we can
take to encounter the embargo.
The Arabs have us over a bar-
rel, and I am not punning."
Sen. James Buckley (R-N.Y.)
thought President Nixon could
do more to encourage increased
production of U.S. fuel sources.
- Sen. Henry Jackson (D-Wash.
said Nixon's estimate that his
steps would take care of 10 per
cent of the anticipated 17 per cent

shortage might prove correct but
it would be more difficult to
make up the remaining defic-
iency.
The President's actions were
"just a beginning. Tougher and
sterner measures must yet
come," Jackson added.
Another leading Congressman,
Democrat Al Ullmaft, said a
special tax on "windfall" profits
by petroleum companies result-
ing from the energy crisis was a

ATHENS (Reuter)-The day-
old Greek military regime today
fired almost half the army's top
generals in a step apparently de-
signed to prevent possible army
counter-moves after a coup Sun-
day.
The dismissal of six lieutenant-
generals was announced in a de-
cree by President Phaedon Gi-
zikis after tanks and heavily-
armed troops were ordered back
to their barracks from central
Athens and Salonica at dawn.
Life in the two cities returned
to normal with the lifting of a

curfew today, and people flooded
back to work.
The new government, appar-
ently confident of its military
grip over the country, held its
first cabinet meeting to decide
on the outlines of its future
policy.
It is expected that the new
prime minister, Adamantios And-
rout Sopoulos, will soon announce
what the government means by
its proclaimed promise "to re-
store peace and unity to the
Greek people."
But before announcing any

plans, the leaders of the coup
were clearly determined to pre-
vent any moves for a counter-
coup by supporters of deposed
President George Papadopoulos,
who has remained under armed
guard at his villa since Sunday.
Although the military chiefs ap-
pointed General Gizikis as presi-
dent, informed sources here said
the real power among the mili-
tary leaders is in the hands of
Brig.-Gen. Dimitrios Ionnides,
commander of the tough and
highly influential military police.

Oil boycott by Arabs

0

0

causing non-economic
international effects

By PHIL NEWSOM
UPI Foreign News Analyst
Because it had never happened
before, no one really believed the
Arabs could get together to en-
force an oil boycott against the
industrial nations. And because
it had never happened before no
one could have foreseen the wide
repercussions beyond the purely
economic effects.
It demonstrated the frailty of
American-Soviet detente.
It put a new severe strain on
U.S. relations with its West Euro-
pean allies under NATO.
It placed the nine-nation Euro-
pean Common Market under an
equally severe test.
And, depending upon how the
United States handles the prob-
lem, it could lead to a shift in
the balance of power in Asia.
The Arabs could very well be
right far beyond their original
intent when they say things can
never be the same again.
In Europe it has strengthened
the voice of France and perhaps
added impetus to what would ap-
pear to be an important shift
away from policies linked to the
name of the late President
Charles de Gaulle.
France never has looked favor-
ably upon U.S.-Soviet detente and
it was this that led to a bitter

attack on the two super-powers
by French Foreign Minister Mi-
chel Jobert.
The two, he said, achieved re-
suits in the Middle East only by
using "pressures and threats"
aimed not only at Israel and the
Arab states but at each other.
Jobert also declared:
... if we wish to stay free, to
participate in the determination
of our destiny, we must tire-
lessly pursue the building of
Europe and our defense effort."
He conceded a common defense
depended upon political union, a
180-degree departure from the de
Gaulle philosophy.
THE MICHIGAN DAILY
Volume LXXXIV, Number 67
Tuesday, November 27, 1973
is edited and managed by students at
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possibility. _ _ _ _ _ __ _ _ _ _
Ullman, acting chairma'1 of
the House Ways and Means com-
mittee, told Reuters an excess
profits tax was "one possibility"Antage Year from Random House
in dealing with any windfalls by
the petroleum companies because AP Photo
of higher prices resulting from Lt. Gen. Phaedon Gizikia, the new president of Greece, is shown ALL IN STOCK AT
the fuel shortage. at a cabinet meeting held in Athens yesterday.
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1973-1974
at the ARENA THEATRE in the Frieze Building
and
miSS
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drinks
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