Britain did succeed in obtaining a substantial amount of shortterm
credit abroad in support of the pound, raising $650 million in New York and
Paris after only minimal delay. Total short-term lending to countries under pressure
amounted to approximately $1 billion, or roughly 10 percent of total international
short-term indebtedness and 5 percent of world imports (more than the ratio of
total IMF quotas to world imports in the mid-1970s). It is noteworthy that these
credits were obtained not from a dominant power but from a coalition of creditor
countries.