Word: frances
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...printed money to pay for oil-all of us." Schmidt said he liked the predictability and discipline imposed by the European monetary system, adding that West Germany was not going to spend its hoard of dollars to support other currencies (for which read the French franc), but only to help keep the system running smoothly. Turning to the U.S. Treasury Secretary, Schmidt said: "I like the [interest] rates you're paying on dollars, Mr. Regan." Replied Regan: "Don't get too used to that...
...that kind of day yesterday for hundreds of alumni who are tilling Cambridge's street and buildings this week for Harvard's biggest pep rally of the year. No matter what kind of food or parties or crazy vendors with funky headbands they franc into, adoration for the college they attended 25 or 50 years ago was the theme...
...Ghent lawyer who has led five coalition governments in three years, began to administer bitter economic medicine to reverse the country's decline. He secured emergency powers for one year to establish economic reforms by royal decree, rather than through parliament. Martens announced an 8.5% devaluation of the franc and, most important, suspended Belgium's system of indexing all wages to inflation. "This is the tenth time in Belgian history that the government has been given special powers by the King," Martens told TIME Correspondent Sandra Burton. "Many of the other occasions were times...
...calm skeptics, Mitterrand devalues the franc...
...main problem was that skittish investors were selling their francs for sounder currencies, like the German mark. In a single week, the Bank of France spent $1.5 billion buying up francs to preserve their value. To help ease the strain, eight European countries agreed to a complex realignment of their currencies that had the net effect of devaluing the franc 8.5% against the mark...