Word: pinay
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Brooding over this unsettling report, British Chancellor of the Exchequer Derick Heathcoat Amory two weeks ago took advantage of a routine Paris meeting of the Organization for European Economic Cooperation to discuss some highly private business with West German Economics Minister Ludwig Erhard and French Finance Minister Antoine Pinay. The fruits of that chat were harvested late last week, when the British treasury laconically announced that it had decided to make the pound sterling "externally convertible...
Right-Wing Ind. (Pinay...
...paper, the U.N.R.-in affiliation with Pinay's conservatives and 71 right-wingers elected in North Africa-will form a right-wing Assembly with a passion for seeing that Algeria remains French. Premier Charles de Gaulle, who was above the battle while the elections were fought out, stayed above it when the results were...
Even more impressive was the startling success that Finance Minister Antoine Pinay's public loan (TIME, June 23) was having among a people traditionally wary of government securities. In a single day last week Frenchmen parted with a record $18 million in hoarded gold to buy the new bonds, and by week's end the amount of gold converted into bonds totaled $52 million. "If this keeps up for a few weeks," grinned Pinay, "we may have to enlarge the vaults of the Bank of France...
...cash, and to sop up excess purchasing power, wispy Fi put on sale 3.5% tax-free government bonds, which as a hedge against inflation will be pegged to the market value of the gold napoleon (last week 3.600 francs). While De Gaulle appealed to patriotism in launching the loan. Pinay remembered the practical side. In the hope of attracting urgently needed foreign exchange, Pinay was even prepared to let Frenchmen buy the bond with previously undeclared - and hence illegal - foreign currency holdings. "That law," explained Pinay blandly, "has never been enforced anyway." De Gaulle himself was hard at work...