FRANCE: Upswing for the Franc
The French franc was on a bobsled run, and the French government seemed powerless to stop it. It had skidded down to a low of 460 to the dollar.
Two weeks ago, Premier René Pleven proclaimed austerity for France, and a Slash in imports of U.S. coal, ore and raw materials, in an effort to brake the run. But devaluation rumors had French capital badly scared.
Last week, after a five-hour cabinet meeting, Pleven had good news to announce: the U.S. had granted France $600 million emergency aid$200 million for direct economic aid, $400 million to maintain U.S. troops stationed in France and to equip U.S. armed forces from French industry.
France would still have to increase its taxes and cut its public works spending to meet its budget. But the dollar pinch was over, and imports could be resumed. At week's end the franc was on the upswing: 438 to the dollar.
Most Popular »
- Did a Time-Traveling Bird Sabotage the Collider?
- Former Nazi Hitman, 88, Finally Stands Trial
- Recession Sparks Global Shoplifting Spree
- The Rogue Returns: On the Road with Sarah Palin
- FBI Fights Claims It Ignored Intel on Hasan
- Volunteer Vets: Returning Troops Still Want to Serve
- Obama's Fort Hood Speech: Lost in Translation
- Michael Jackson's $1 Million Funeral: The Breakdown
- 21-Year-Old Wins World Series of Poker
- Why Sexism Kills
- Did a Time-Traveling Bird Sabotage the Collider?
- Michael Jackson's $1 Million Funeral: The Breakdown
- Recession Sparks Global Shoplifting Spree
- Maclaren's Stroller Recall: A Stumbling Response Online
- After the Recession, an Energy Crisis Could Loom
- Are You Getting Scammed by Facebook Games?
- Volunteer Vets: Returning Troops Still Want to Serve
- I Love Local Commercials
- Did the Army Ignore Red Flags Because of Hasan's Religion?
- Why Sexism Kills







RSS