Word: frances
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Dates: during 1940-1949
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Under the new plan, member nations must fix the par value of their currencies in terms of gold or U.S. dollars, within a time limit fixed by the Fund, and cannot later revise the value more than 10% upward or downward without the approval of the Fund. France, by devaluing the franc, has come close to a realistic value. In many another country official valuations are nearly meaningless. Poland, which has hopefully signed the Fund agreement, still keeps an official value of 19? on the zloty, but recently a dollar would bring as much as 600 zlotys in Stettin. Greece...
...Assembly must understand," said France's Finance Minister René Pleven, "that we cannot ask aid abroad without first putting our house in order ourselves." After a searching session, the Assembly understood. It approved: 1) a devaluation of the franc (119 to the dollar, instead of 50 to the dollar); 2) a $550,000,000 loan from the U.S. Export-Import Bank; 3) French participation in the Bretton Woods agreement...
Devaluation had been long overdue. The franc's official value had been far out of line with its actual purchasing power in foreign markets; French imports and exports had suffered. But Minister Pleven, fearful lest domestic prices soar, had held up the remedy until the last possible moment. Once a country entered Bretton Woods, it was pledged not to devalue...
...wife's 20-franc (40^) weekly will be no child of Marie-Claire. Said Mme. Lazareff: "Something has happened in between. The youth in France are much less fluffy. The chichi is passe...
...will take many months and years to repair France's 1,500,000 destroyed buildings, 2,000 wrecked bridges, 2,400 miles of torn railway, and all the other injuries to docks, fields and plain people. Raw materials and manpower are sorely lacking. The harvest (leading crops : wheat and sugar beets) has suffered from drought and from the thousands of still-buried German land mines. Inflation corrodes all progress and apparently will not be banished until the franc is devalued, a measure from which officialdom shies. But, de spite the vast inertia which grips France's economy...