Word: franc
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...programs, which Touré was happy to accept as an alternative to bankruptcy. Now Czechs, Poles, East Germans, Hungarians and even Red Chinese have their fingers in almost every facet of the government from the physical education program to economic planning. Under their guidance, Guinea has replaced the French franc with a currency of its own printed in Czechoslovakia. Western goods have vanished from shop shelves, and Communist cement clogs the wharves in payment for Guinea's bananas...
Last week Touré, in desperation, chose the path of many impoverished young nations. Assured of a $35 million credit from Russia, he cut Guinea's ties with the French franc, announced Guinea henceforth would have its own currency which, by terms of his own decree, has no value in foreign trade. Dismayed, Shell, Texaco and Socony Mobil were mulling over whether it was worth it to stay. At the big Fria Alumina Works (48.5% owned by the U.S.'s Olin Mathieson Chemical Corp.), 300 European workers went on strike, halting production, seeking some guarantee that their paychecks...
...that, Pinay is by common consent De Gaulle's most effective minister. Executing plans drawn up by Economic Braintruster Jacques Rueff, he carried through-without the usual rapid and disastrous rise in prices-the devaluation that gave the franc a strength it had not enjoyed in international markets since 1936. Introducing economic liberalism into France's closed economy, he made the franc convertible, hacked away at government subsidies, even persuaded French business to abandon its traditional protectionism and go wholeheartedly into the Common Market. Heartened by the knowledge that Pinay was at the helm, wealthy Frenchmen repatriated massive...
...threat was not to De Gaulle himself: as President, he holds a seven-year contract. But it could very well undermine Premier Debre, a talented and remote lawyer faithful to De Gaulle but with little popularity of his own. Foreign confidence in the franc and the continued soundness of the French economy were at issue in the challenge posed by Antoine Pinay this week to Charles de Gaulle, returning to his first Cabinet meeting of the new year...
SENSIBLE FRENCH MONEY was issued last week by government. The new franc equals 100 old francs; e.g., one U.S. dollar equals 4.9 heavy francs, as compared to 490 old francs...