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Marshall Aid: 1948-1952

In 1947, in a lecture at Harvard, the US secretary of state George C. Marshall proposes that a unified plan for European postwar recovery should be funded by economic aid from the USA - part of the purpose being to deter the spread of Communism to countries as yet outside the immediate Soviet sphere of influence.

The OEEC (Organization for European Economic Cooperation) is set up to channel the funds to sixteen European countries (Austria, Belgium, Denmark, France, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Sweden, Switzerland, Turkey, UK). Between 1948 and 1952 some $13.5 billion is distributed in the European Recovery Programme, popularly known as Marshall Aid.

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