THE PRESIDENT'S DAILY BRIEF 10 JULY 1973

• Document Type: FOIA
• Collection: President's Daily Brief 1969-1977
• Document Number (FOIA) /ESDN (CREST): 0005993871
• Release Decision: RIPPUB
• Original Classification: T
• Document Page Count: 14
• Document Creation Date: August 14, 2016
• Document Release Date: August 24, 2016
• Publication Date: July 10, 1973

Declassified in Part - Sanitized Copy Approved for Release 2016/07/19 : CIA-RDP79T00936A011600010085-5
The President's Daily Brief
10 July 1973
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Exempt from general
declassification schedule of ED. 11652
exemption category 5 B( 1),(2).(3)
declassified only on approval of
the Director of Central Intelligence
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EYES ONLY FOR THE PRESIDENT
CENTRAL INTELLIGENCE AGENCY
WASHINGTON, D.C. 20505
July 10, 1973
EYES ONLY FOR THE PRESIDENT .
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CENTRAL INTELLIGENCE AGENCY
WASHINGTON, D.C. 20505
July 7, 1973
IN SECRET
EYES ONLY FOR THE PRESIDENT
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THE PRESIDENT'S DAILY BRIEF
10 July 1973
PRINCIPAL DEVELOPMENTS
The dollar strengthened in Europe yesterday, but it
is unlikely that heavy speculation has come to an
end. (Page 1)
Egypt
Soviet ships apparently will carry more Moroccan
troops to Syria. (Page 3)
Lebanon has a weak new cabinet. (Page 4)
? Italy's center-left government is wracked with dis-
sension. (Page 5)
The Chinese may be preparing for a party congress
in August. (Page 6)
Crop prospects have improved in India. (Page 7)
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INTERNATIONAL MONETARY DEVELOPMENTS
The dollar gained nearly 3 percent against major
European joint float currencies late yesterday, re-
flecting widespread rumors of official US interven-
tion to support it.
The wide fluctuation in early trading was
probably a result of confusion over the
reaffirmation by European central bankers
on Sunday that official intervention in
? exchange markets may sometimes be useful.
In the absence of a clear signal that the
major financial powers will take sustained
? action to arrest the wild currency fluctu-
ation of recent weeks, it is unlikely that
? heavy, speculation has come to an end.
In Tokyo, the dollar closed yesterday at its
lowest level ever, 254 yen to the dollar. The
3-percent appreciation of the yen relative to the
dollar since Friday was the sharpest one-day rise
in months. Today, however, the dollar has strength-
ened on Tokyo exchanges.
In Cairo, eight Arab oil-producing nations have
formed a committee to study ways to protect Arab re-
serves against international monetary fluctuations
and use reserves to their best advantage.
It is doubtful that any joint action is
imminent; the Arab nations have never been
able to reach accord on financial policy.
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EGYPT-USSR
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MOROCCO-SYRIA-USSR
' Morocco is apparently preparing to move more
troops and materiel to Syria on?Soviet ships.
When the move now under way is completed,
the Moroccan force in Syria probably will
consist of 2,000 to 2,500 men in addition
to tanks, artillery, and support equip-
ment. The expeditionary force is aimed
chiefly at demonstrating King Hassan's
commitment to the Arab cause and will not
make much difference in the conflict with
Israel.
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LEBANON
, The new cabinet of Prime Minister Taqi al-Din
al-Sulh is Lebanon's third in as many months. Like
its immediate predecessor, it is led by a
politician apparently judged by President Fran-
jiyah to be obedient to him, yet acceptable to his
critics, which include Lebanese leftists, leaders
of the important Sunni Muslim community, Syria, and
the fedayeen.
The new prime minister, whose wife comes
from a prominent Syrian family, is reported
to have good relations with Syrian and
Palestinian leaders. His appointment could
help ease tensions between Lebanon and the
fedayeen and even lead to Syria's reopen-
ing of its border with Lebanon.
The new cabinet contains no politician
likely to become a rival to Franjiyah.
Sunni Muslim representation has increased
slightly, but the Sunnis selected appear
to be conservative figures unlikely to
challenge the president.
The president has given the powerful In-
terior Ministry to a long-time Druze
politician, but has refused demands that
it go to Kamal Jumblatt, the leading Druze
and leftist leader. The Interior Ministry
post will probably be critical to the op-
eration of the new cabinet. If Jumblatt
is unable to manipulate the new minister,
he is likely to subject the new cabinet
?to the kind of pressure that toppled its
predecessors.
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ITALY
Prime Minister Mariano Rumor will hold the first
meeting of his new center-left cabinet tomorrow, but
there will be little to celebrate. Dissension wracks
the coalition; there is no vice prime minister, for
example, because the Socialists and Social Democrats
cannot agree on the person for the post. Furthermore,
factions of each party represented in the government
are still at odds, thus threatening the cabinet's
cohesion.
In spite of such difficulties, Rumor's
government should survive in the short
term. Italy's sacrosanct August vacation
period will shortly postpone touchy legis-
lative problems until fall. Moreover, the
outlook is good for agreement on emergency
measures to check inflation and boost the
economy.
In the long run, however, unresolved dif-
ferences that were papered over or set
aside in the interest of forming a cabinet
may be crucial to the government's survival.
The four-party coalition may not hold up
when it finally has to face hard choices
on domestic social legislation.
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CHINA
rumors of a
major leadership meeting, possibly a plenary session
of the party Central Committee, are circulating in
Peking and Canton.
A party congress is clearly called for to
repair the damage caused by the fall of
Mao's chosen heir, Lin Piao, which deci-
mated the ruling Politburo and rendered
the party constitution obsolete. As yet,
however, there are no public indications
that preparations for such a meeting
have begun.
The last party congress, in 1969, was
preceded by calls in domestic propaganda
to "welcome" the meeting. This year's
party anniversary on July 1, which might
have provided an opportunity to herald a
forthcoming congress, passed without an
authoritative statement of any kind.
While plans for a congress are clearly at
least in the discussion stage, recent
Chinese political history suggests that
apparently hard and fast dates for im-
portant domestic events can prove to be
elastic.
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NOTES
India: Revival of the monsoon rains in early
July after a two-week dry spell has improved crop
prospects and relaxed tensions in drought areas.
Indian weather experts still are predicting normal
rainfall during the rest of the monsoon season.
Even so, food supplies will become increasingly tight
before the major grain harvest begins in October.
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Top Secret
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