Word: socialists
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Mitterrand devalues in an effort to salvage his Socialist policy...
...European Monetary System could no longer be defended on world currency markets. Yet his pride kept him from admitting this painful reality until after the seven-nation Versailles summit conference. With its lavish displays of fireworks, fountains and nonstop pageantry, that diplomatic spectacular may in many ways have represented Socialist France's last carefree fling. Within a week after it ended, Finance Minister Jacques Delors traveled to Brussels to present his European partners with a package of self-imposed austerity measures. They included a 10% devaluation of the franc against the West German mark, as well as a four...
...sacrifices. Few doubted that the credibility, and possibly the survival, of his government was hanging on the success of those efforts. Coming only eight months after an 8.5% devaluation against the mark, last week's realignment was the turning point in the 13-month-old attempt by the Socialist government to spur economic growth and curb unemployment through government spending-an approach diametrically opposed to that of the Reagan Administration. Said Yvon Gattaz, the peppery president of France's National Council of Employers: "No developed country can, without damage, go against the anti-inflation policies practiced...
...damage inflicted on the franc springs mainly from an inflation rate that clings stubbornly around 14%, vs. 6.6% in the U.S. or 5.6% in West Germany. Even as French competitiveness on world markets has deteriorated, the pickup in industrial production promised by the Socialists has failed to materialize. More than 2 million French, 8.7% of the labor force, are unemployed, a rise of 15% since Mitterrand took office. Inevitably, the franc has come under attack as confidence in Socialist economic management has dwindled. Since March, France's central bank has spent about $8 billion to support its currency, leaving...
...Annie (Jane Alexander), who is now 37. Into this antiseptic den of discipline walks a former Harvard instructor of English, 25-year-old John Macy (William Converse-Roberts), who is applying for the job of editing some articles that will eventually grow into Helen's autobiography. An ardent socialist, John foists a couple of books by Karl Marx on Annie and, before five minutes go by, steals two highly subversive kisses. The haunting note of bliss and trouble in paradise is simultaneously sounded...