Word: mitterrand
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True to his word, Mitterrand moves to nationalize key companies François Mitterrand intends to be remembered as a man who keeps his promises. Since his election last May, France's Socialist President has launched proposals to increase public benefits, raise taxes on the rich, return power to local governments, abolish the death penalty and slow down the West's most advanced nuclear energy program. Last week, fulfilling a pledge so controversial that many Frenchmen thought Mitterrand might actually back off, his ministers approved the most sweeping takeover of private industry seen in Europe since the immediate...
...seats in the National Assembly, the bill is sure to be approved and to add to the nationalizations imposed in France after World War II. Thus by year's end the French government will control more than 90% of all banking assets (up from 60% before Mitterrand's election) and some 17% of French industry (up from 12%). Private shareholders will be compensated generously according to a complex formula based on each company's stock price, assets and profits. Total cost to the taxpayer: up to $9 billion...
...Laulan, chief economist for France's big Société Générale bank, last week, and few of his colleagues were prepared to disagree with him. Four months after the Socialist Party's overwhelming election victories in the spring, President François Mitterrand is determinedly pressing ahead with plans to nationalize France's 36 largest privately owned banks and investment houses. Mitterrand's coalition Cabinet, which includes four Communists, is expected to announce final details of the state takeover this week. The action will make France the only non-Communist country...
...presidential campaign, Mitterrand promised to put them under state control. More recently his aides have been saying that state control of finance is vital to ensure that their Socialist economic program is fully implemented. Said Jean Le Garrec, Mitterrand's Minister for Nationalizations, last week: "The bank nationalizations will guarantee the enforcing of the will of the state, not through some economic magic, but through assured mastery of banking and industry. This way we can be certain that the state's wish to restimulate the economy is carried...
Ever since Mitterrand's victory, private capital has been flowing across the border into Swiss banks. That in turn threatens further bursts of inflation in an economy that is already racked by price rises of more than 13%. Not only will the government wind up having to print more money, but increasingly it will have to assume the task of deciding where and how to invest those funds. Warns Economist Laulan caustically: "We have already had experiences of government investment decisions like the Concorde that turn out to be stupid. Look for more of these...