Word: france
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CURRENCY devaluations by major countries were once regarded as cataclysmic events likely to cause global shock waves that would disrupt trade, employment and international investment. Last week, when world money markets reopened after France's surprise 12½% devaluation of the franc, the repercussions proved to be notable for their mildness...
Fourteen African countries that once were French colonies devalued their franc-linked currencies and the Belgian franc came under heavy selling pressure, but the more important world currencies fared reasonably well. As expected, speculators sold British pounds and bought undervalued German marks, but not in quantities great enough to produce any crisis-not even after Britain at midweek published figures showing that its chronic trade deficit widened to $89 million in July from $60 million in June...
Even politically, the French move proved to be quite the opposite of the disgrace that devaluation has often been thought to be. The financial world rang with praise of President Georges Pompidou's astuteness in cutting the franc when most of Europe was on vacation, in advance of any crisis, and to a level-18.0040-that most moneymen thought was about what the franc really is worth. Contrasting the months of turmoil that followed the 1967 devaluation of the pound with the calm reception of the French devaluation, the London Times concluded wistfully that "the differences show clearly...
Pompidou and Finance Minister Valéry Giscard D'Estaing decided on July 16 to devalue the franc. Only nine people in all of France knew of the impending devaluation. As far as France and the rest of the world were concerned, Pompidou was about to leave Paris on holiday at week's end. So artful was the camouflage that only a single French newsman remained behind, lounging in the press department of Pompidou's Elysée Palace and flicking through the President's itinerary for a visit to Corsica. Then a stream of Citro...
...bored by him," Victor Hugo once remarked of Napoleon. But the French certainly do not share that feeling. Despite devaluation of the franc, France this week celebrates the 200th anniversary of Bonaparte's birth, gripped by an unprecedented outbreak of Napoleonomania. Traveling by ship and plane to Napoleon's Corsican hometown of Ajaccio (pop. 50,000), more than 200,000 tourists will enjoy fireworks and street dancing, hear President Georges Pompidou deliver the bicentennial address and watch 3,500 French légionnaires, dressed as the Emperor's grognards (grumpy veterans), parade through the spruced-up city...