Word: mitterrand
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...loved this country where everyone greets passers-by and opens his door wide. Looking at America, every voyager has the eyes of Christopher Columbus." So wrote François Mitterrand about his first visit to the U.S., when he was a young politician in 1946. This week America's doors will open wide again for France's new President as he travels to Yorktown, Va., to join President Ronald Reagan in celebrating the bicentennial of the Franco-American military victory that ended the Revolutionary War. In addition, Mitterrand will spend five hours in meetings with Reagan before continuing...
...calm skeptics, Mitterrand devalues the franc...
...policy by introducing a budget calling for 27% higher public spending and a $17 billion deficit. He made good on a longstanding pledge to take over private banks and key industries. He increased welfare benefits to families, the aged and the handicapped. But last week President François Mitterrand was forced to administer a dose of economic medicine...
...were urged to hold price increases to 8% next year (vs. the current inflation rate of 14%), and importers were ordered not to widen then-profit margins. To show that it, too, could cut back, the government announced that it was postponing $2.6 billion of budgeted spending. One of Mitterrand's aims was to help persuade unions to curb their wage demands...
...hibernating political opposition out in force for the first time since the Socialist victory. "Five years of such policies will set France back 20 years," fumed Raymond Barre, the former conservative Premier and an economics professor. Declared defeated President Giscard d'Estaing, in his maiden public comment on Mitterrand's performance: "Devaluation after just a few months in office rings out like the first sound of an alarm bell...