THE PRESIDENT'S DAILY BRIEF 27 DECEMBER 1976

• Document Type: FOIA
• Collection: President's Daily Brief 1969-1977
• Document Number (FOIA) /ESDN (CREST): 0006466933
• Release Decision: RIPPUB
• Original Classification: T
• Document Page Count: 13
• Document Creation Date: August 14, 2016
• Document Release Date: August 24, 2016
• Publication Date: December 27, 1976

Declassified in Part - Sanitized Copy Approved for Release 2016/07/19 : CIA-RDP79T00024A000400030005-1
The President's Daily Brief
December 27, 1976
2
Top Secret
Declassified in Part - Sanitized Copy Approved for Release 2016/07/19 : CIA-RDP79T00024A000400030005-1
Declassified in Part - Sanitized Copy Approved for Release 2016/07/19 : CIA-RDP79T00024A000400030005-1
Exempt from general
declassification schedule of E 0 1652
exemption category 5B( 11,(2),(3)
declassified only on approval of
the Director of Central Intelligence
Declassified in Part - Sanitized Copy Approved for Release 2016/07/19 : CIA-RDP79T00024A000400030005-1
Declassified in Part - Sanitized Copy Approved for Release 2016/07/19 : CIA-RDP79T00024A000400030005-1
FOR THE PRESIDENT ONLY
December 27, 1976
Table of Contents
USSR-EC-Japan: The Soviet declaration of a 200-mile offshore
fishing zone is forcing the EC to reconsider its external
fishing policy and has prompted a protest from Japan.
(Page 1)
Note: Portugal (Page 3)
At Annex\
Japan'
FOR THE PRESIDENT ONLY
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FOR THE PRESIDENT ONLY
USSR-EC-JAPAN: The So-
viet declaration of a
200-mile offshore fish-
ing zone, effective
December 10, is forcing
the European Community
to reconsider its ex-
ternal fishing policy.
Japan, which takes
about 10 percent of
its total catch from
waters off the Soviet
Far East, has protested
the Soviet move.
The USSR has promised
Japan early bilateral
negotiations to work
out a fishing agreement.
West Europeans fish both the Bal-
tic and Barents seas--areas now
in the Soviet zone. The USSR has
not ratified an agreement--recently
reached in Warsaw--establishing
catch quotas in the Baltic Sea
for 1977.
The EC's decision to establish
its own 200-mile economic zone,
effective January 1, does not ap-
ply to the Baltic.
EC foreign ministers have stated
that the Soviets may continue
fishing off the coastlines of EC
members until March 31. The per-
mitted take, however, will be re-
duced to 40 percent of the average
Soviet catch over the last Len
years.
The EC and the USSR will have dif-
ficulties, in addition to those
over the substance of an agree-
ment, in working out arrangements
that will apply after March. The
USSR does not recognize the EC,
but the EC now requires Community
members to negotiate as a unit on
economic affairs.
The Soviet declaration may help
convince the Japanese public of
the inevitability of the 200-mile
zone. This would permit the Japa-
nese government to accelerate the
pace of fishing negotiations with
the US and begin talks with other
countries.
--continued
1
FOR THE PRESIDENT ONLY
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FOR THE PRESIDENT ONLY
Some 33 Japanese companies have
invested in US companies whose
operations are related to fishing
in an effort to circumvent re-
strictions posed by the US 200-
mile limit.
* * *
--continued
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FOR THE PRESIDENT ONLY
The head of the Portu-
guese central bank has
expressed concern to
US officials about
Portugal's foreign re-
serve position.
NOTE
He stated that foreign exchange
holdings now amount to only $79
million, having fallen by $60 mil-
lion since December 1. Since
April 1974, despite heavy official
borrowing, the country has lost
reserves at an estimated rate of
$42 million per month.
Portugal can increase the amount
of its ready cash by drawing from
loans granted by European central
and commercial banks. Large trade
credits will mature in the next
six weeks, however, thereby re-
ducing foreign exchange holdings
again.
Portugal declines to sell its
large gold holdings, fearing that
such action would frighten present
and potential lenders. Lisbon
also rejects another obvious
course--the floating or devalua-
tion of its currency.
The Portuguese government will
begin discussions in January with
the International Monetary Fund
and with two other unspecified
sources for credits that would
total $135 million.
* * *
--continued
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JAPAN:
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AS
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Top Secret
Declassified in Part - Sanitized Copy Approved for Release 2016/07/19 : CIA-RDP79T00024A000400030005-1