Word: franc
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Backs to the Wall. Many abstractionists go to Dr. Bontzolakis. not only because they are a franc a dozen in Paris but also because his wife paints (as Colette Bonzo), and her friends take their troubles to him. Madame Bontzolakis' work is strictly representational-flowery examples hang in her husband's office...
Snuggle Up. Since then, surprisingly little has been heard about the union. So far the two countries have not even set up the constitutional and economic commissions they promised. Instead, Guinea has been snuggling up to France, which has gradually swallowed its indignation over the man who said no. Last month Guinea negotiated a series of agreements which to a considerable extent place the country squarely back in the French Community. It will stay in the franc zone, keep its foreign exchange in the Banque de France, and it will once again get technical assistance from France. In lands where...
...glad to see your Jan. 5 cover showing Charles de Gaulle as "Man of the Year." No other person has or will change history as he did during 1958. France will soon boost her economy again owing to the new change in the value of the franc. The entire world owes your man of the year a great deal...
...France's heavy budget was based on an unhappy recognition that the costly war in Algeria would go on. It also reflected an awareness of France's deepening recession-83% of France's manufacturers have cut back production in recent months. De Gaulle reckoned that France must increase its investment in housing and industry in 1959, and must continue the economic development of Algeria. Yet if De Gaulle's 17.5% devaluation of the franc (TIME, Jan. 5) is to achieve its purpose of making French products internationally competitive, France cannot afford another round of inflation...
...FRENCH FRANC CREDITS up to $200 million will be backed by a U.S. bank syndicate headed by Chase Manhattan and First National City Bank of New York for two years to help stabilize the currency...