Word: istel
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Dates: during 1944-1944
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...that the De Gaulle Government might try the same deflationary trick. Last week they scrambled frantically to buy U.S. dollars, British pounds and gold in the black market. Result: the franc, pegged at 2?, sank until a dollar was bringing 315 francs. The franc did not rise till Andre Istel, French delegate at the Bretton Woods conference, announced that France had no intention of following Belgium's plan. The Allies helped by recognizing De Gaulle. This implied releasing to his Government over $1 billion of French gold to put a solider floor under the franc. Actually, most French financiers...