Word: pinay
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Dates: during 1950-1959
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...coax this gold out of hiding, Premier Antoine Pinay launched a savings-bond drive. He gave the French a choice between buying his gold-backed bonds or paying increased taxes (TIME, April 21). Last week the bond drive was over, and Pinay pronounced it a "healthy operation." French hoarders turned in 34 tons of gold, valued at $42 million. In all, $557 million came from what the government calls "fresh money," i.e., cash and gold not previously invested in bonds...
...final $666 million came from investors cannily reconverting other bonds to the new Pinay bonds, which are not only gold-backed but in some cases pay higher interest. The drive was a measured success for France's commonsensible Premier: though France is not yet out of the woods, it seems to be on the right path...
...Gaulle's own party, the powerful Rally of the French People (R.P.F.), added one more splinter group to the eleven squabbling parties in the French National Assembly. Thirty Gaullist Deputies and five Senators who bolted R.P.F. in protest against its "negative and sterile attitude" towards Premier Antoine Pinay (TIME, July 14) formed something called the Independent Group for Republican and Social Action. Edmond Barrachin, the fast-talking Parisian columnist who led the revolt, was elected president. De Gaulle thereupon serenely announced that the defectors had not quit; they had been fired for refusing to obey orders...
...defection of the Barrachinistes cost R.P.F. its cock-of-the-walk No. 1 position in the National Assembly. Reduced from 115 seats to 85, the Gaullists now rank as No. 3 after Socialists (104 seats) and Communists (96). For Premier Pinay, the splintering was one more lucky break. Barrachin's group noisily insists that they are still Gaullists at heart, and that they would resist the Schuman Plan and the European Army as bitterly as De Gaulle himself. But on economic issues, about which Pinay cares most, the Barrachinistes would do their best to save the franc. They proved...
...Lucky" Pinay sighed with audible relief. His government is now safe until Oct. 7, when all twelve noisy parties in the National Assembly will be back with a fresh batch of troubles...