Word: euros
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...least part of Le Pen's scenario seems to be taking place already: the Socialists last week asked to revise the rules for launching Europe's single currency--the euro--a move that could delay or even scuttle the project. The leftist government also announced plans to consider granting residency permits to thousands of illegal immigrants, fueling resentment that may further bolster the Front's support. Meanwhile, infighting among defeated conservatives may lead some factions to break a longstanding taboo by allying with Le Pen's movement. As it is, the party is now the third biggest vote getter, after...
CONVICTED. ALEX KELLY, 30, high school wrestler turned Euro playboy who spent eight years on the lam; of raping a 16-year-old in 1986; in Stamford, Conn. His first trial deadlocked last November. Kelly faces up to 20 years in prison...
AMSTERDAM, Netherlands: The crisis that threatened the launch of Europe's common currency was defused late Monday after EU leaders reached a compromise deal that meets Germany's concerns for a stable euro and French demands for job creation. The agreement will free up hundreds of millions of dollars for job-creating strategies, giving priority to small and mid-sized companies. But for France, there will be no free lunch. Addressing German concerns, Dutch Finance Minister Gerrit Zalm warned that the funds must be paid back in full. "There is no suggestion lots of subsidies will be handed...
...German Chancellor Helmut Kohl, though, all talk of tinkering with the Maastricht rules is anathema--and a potential threat to his re-election chances next year. "Kohl's already having trouble selling the German public on the idea of exchanging their hard D-marks for soft euros," says Paul Horne, a Paris-based international economist with Smith Barney. "If Jospin puts conditions to the Germans that they can't accept, it's goodbye euro." No wonder Kohl made a long phone call to Chirac the day after the election to seek assurances on France's future European policy...
...crucial test will come next week, when Jospin and Chirac head to Amsterdam for the European Summit. There the ministers are due to approve the controversial, German-inspired "stability pact," intended to impose continued budgetary rigor once the euro is launched. But Jospin has denounced the pact as a "super-Maastricht." If he sticks to that position in Amsterdam, the launching of the euro could be delayed or even scuttled...