solve the dollar shortage. British economist argued that their position was validated by 1950 as European industrial production exceeded prewar levels. Washington demanded convertibility of sterling currency on July 15, 1947, which produced a severe financial crisis for Britain. Convertibility was suspended on August 20, 1947. However, by 1950, American rearmament and heavy spending on the Korean War and Cold War finally ended the dollar shortage. the balance of payment problems the trouble the postwar government was caused less by economic decline and more by political overreach, according to Jim Tomlinson. Truman doctrine and emerging Cold War 1947–1953 The Labour government, which was alarmed at the threat of Communism in the Balkans, implored the US to take over the British role in the Greek Civil War, which led to the Truman Doctrine in 1947, with financial and military aid to Greece and Turkey as Britain withdrew from the region. The need to form a united front against the Soviet threat compelled the US and Britain to cooperate in helping to form the North Atlantic Treaty Organization with their European allies. NATO is a mutual defence alliance whereby an attack on one member country is deemed an attack on all members. The United States had an anti-colonial and anti-communist stance in its foreign policy throughout the Cold War. Military forces from the United States and the United Kingdom were heavily involved in the Korean War, fighting under a United Nations mandate. A military stalemate finally led to an armistice that ended the fighting in 1953. During the same year British and American intelligence agencies worked together and were instrumental in supporting the 1953 Iranian coup d'état were by the Iranian military restored the Shah to power. In 1954 the US attempted to help the beleaguered French Army at the height of the Battle of Dien Bien Phu in Vietnam. They planned Operation Vulture; a planned aerial assault on the opposing communist Viet Minh siege positions. President Dwight D. Eisenhower made American participation reliant on British support, but Foreign Secretary Sir Anthony Eden was opposed and Vulture was reluctantly cancelled. With the fall of Dien Bien Phu the US Secretary of State John Foster Dulles fell out with Eden. He left the 1954 Geneva Conference, leaving the US to avoid direct association with the negotiations that led to the creation of the Democratic Republic of Vietnam. Angry denial: the Suez Crisis of