Word: loans
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Dates: during 1930-1939
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...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...
What had so amused rudely-laughing Mme Bietrix was a most grave matter indeed. As financial correspondents were soon tapping out on their typewriters, the Blum Cabinet, in order to assure success of their loan, had modified the financial policies of their New Deal so drastically as almost to have reversed them. They had not however junked the social aspects. On the fiscal side, French New Deal persecution of gold hoarders was dropped; they were enabled, without giving even their names, to get full value for their gold at the Bank of France (i. e., a "40% profit" in devalued...
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...
...From current reports," Professor Harris continued, "the French Loan seems to have been a success. It has been heavily over-subscribed. Yet two factors must be kept in mind. Its success depends largely on the foreign money used to subscribe to the loan, and not merely on the actual amount of subscription in francs...
...Secondly, the question arises whether the loan was not necessarily limited to an amount which would assure over-subscription." Admitted failure at this point, he said, would be a calamity...