Word: franc
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That fact?and the country's deliverance from the threat of a paralyzing constitutional deadlock?eased tensions not only in France but in Western capitals. "Now no one will be able to say Mitterrand is a prisoner of the Communists," said French Political Scientist Pierre Hassner. Nothing underscored the sense of relief as graphically as the reaction of the Paris stock exchange: within days of the first-round voting, values on the Bourse gained back 7% of the 30% lost after Mitterrand's election. The ailing franc, too, was showing signs of stabilizing...
Despite this, the value of the dollar continues to climb. Since the beginning of the year, the American currency has increased by 19.2% against the French franc, 16.3% against the British pound and 17.5% against the West German mark. Last week the pound was selling for less than $2 for the first time in more than two years, while the mark was worth only 42?, its lowest level in more than four years...
...allies: West German Chancellor Helmut Schmidt. Despite initial fears that the Paris-Bonn axis would be weakened by the departure of cher Valery, Mitterrand appeared to get along fine with his fellow socialist from West Germany. The two leaders agreed to continue their joint efforts to shore up the franc. Mitterrand pledged to continue the Giscard-Schmidt policy of simultaneously beefing up European missile capacity while seeking arms-limitation talks with Moscow. Said a broadly smiling Chancellor after his three-hour meeting with Mitterrand: "Franco-German friendship no longer depends on us personally. It has become an indisputable fact." Later...
...foreign exchange markets, the franc plunged to 5.52 to the dollar, and was held at that level only by heavy intervention by the Bank of France. Customs agents, meanwhile, were ordered to double their vigilance against French "tourists" seeking to smuggle capital out of the country. By week's end, as the initial shock wore off, both the Bourse and the franc were showing signs of recovery. But pessimists saw the "Black Monday" fiasco as just a sample of what might come if Mitterrand attempts to carry out his programs...
...back in grace. The exchange rate has improved 31% since a year ago, making U.S. purchasing power greater than it has been since 1969; and last week's election victory by François Mitterrand's Socialist Party gave the rate another jolt by further weakening the franc (see WORLD). Tourists have been quick to capitalize on the change. Despite stiff increases in transatlantic airfares, advance bookings from New York City to Paris...