Word: pinay
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Dates: during 1952-1952
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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...
...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...
...this point 22 rebels, all members of the Assembly, including Barrachin and General Pierre Billotte, shoved their way out of the convention and across the street to a bistro. There they announced that they were quitting the R.P.F. for good. How many Gaullists would follow and vote with Pinay remained to be seen this week. Barrachin claimed 30 Deputies and 20 Senators; loyal Gaullists conceded him at least 30. With the Gaullists thus split, Premier Pinay's cabinet seemed assured a longer lease of life...