The European Community and the United States...

The European Community and the United States have averted a crisis over European subsidies to the Airbus aircraft building consortium, agreeing to work out a pact on such subsidies at a meeting in London. The Reagan Administration has charged that loans to Airbus constitute unfair subsidies because they will never be repaid, allowing Airbus to undercut its U.S. rivals, Boeing Co. and McDonnell Douglas Corp. Airbus has been an increasingly important force in the high-stakes battle for civilian aircraft sales. In the first half of this year, Airbus sold 233 planes, compared to 63 in the first six months of 1986.