Word: frances
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Dates: during 1930-1939
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...devaluation and so-called "New Deal" introduced by Socialist Premier Leon Blum were giving his Cabinet racking headaches last week, for Finance Minister Vincent Auriol was spectacularly running short of cash, so short that with much trepidation he was getting up his nerve to launch a 10½ billion franc (about $480,000,000) Government loan...
...Since the devaluation of her currency in 1935, there has not been the expected return of capital, he said, and the support of the United States and England has probably kept the franc from falling further...
Since the success of the Devaluation Law is intimately tied up with success in maintaining the franc above the minimum level of 4.3 cents, we all hope that the loan was a success...
...fact that a socialist government was in power. This last was extremely important because the Blum ministry, in accordance with its platform, was dedicated to internal improvements and large expenditures which the French could not afford, and which destroyed faith in the franc...
Harris gave three reasons for the failure of capital to come back to France: (1) The franc was provisionally stabilized at 4.3-4.9 cents and held at 4.6 cents. Speculative opinion was that it would fall to 4.3 cents at least. Hence why buy at 4.6 cents...