Word: gaillard
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...brought it off was the brilliant young (37) technocrat Finance Minister Félix Gaillard, who made it clear that either France would live closer to its means or that he would quit. He first demanded that his fellow ministers slash 600 billion francs ($1.7 billion) from their next year's spending plans (TIME, Aug. 12). The Defense Minister spoke reassuringly of sticking "to my best estimates." Retorted Gaillard: "I cannot accept any estimates, I need guarantees." Sighed the Labor Minister: "He must settle-this crisis at any cost. If we allow Félix Gaillard to walk...
...this point, and after all banks had closed for the weekend, Gaillard was ready for his big step. It was devaluation, but with a difference. The franc was devalued to 420 to the dollar in all tourist transactions. Imports in effect would cost 20% more, except on those imports deemed vital to the continuing expansion of French industry. On these "exceptions," such as fuel and key raw materials (wool, cotton and steel products), accounting for about 60% of French imports, the rate would remain 350 to the dollar. The calculated effect: a cut in import spending. Next, to give France...
...Gaillard's maneuvers succeed in closing France's foreign trade gap, he still has the problem of France's inflation-tilted economy. Since his domestic austerity program calls for ending costly commodity subsidies, many prices-starting with the price of bread-are headed up. Steelmakers have announced plans to raise prices 4.5%, government employees are pressing for a 10% pay boost. Taking to the radio, Economist Gaillard called for more civic spirit and warned that "if labor and management insist" on such demands, "they will be defeating all our efforts. Our defeat will be theirs...
Weekend Whack. No minister wanted to cut his own department much. Complained Labor Minister Albert Gazier, a Socialist: "I don't want to be known as Minister of Unemployment." Snapped Gaillard: "And I don't want to be remembered as Minister of Bankruptcy...
Unable to have his way, Gaillard offered his resignation to President Coty, who had to put off his own holiday departure for the French Alps. For the final session at Bourgès-Maunoury's house in suburban Saint Germain, ex-Premier Guy Mollet was brought in to swing his Socialists into line. Then the Premier announced to the waiting reporters that 550 billion francs had been whacked off the estimates; over the weekend technicians would try to slice off the remaining 50 billion to satisfy Gaillard. The youngest Finance Minister promised to make his resignation "conditional," i.e., staying...