FRANCE: Upswing for the Franc

The French franc was on a bobsled run, and the French government seemed powerless to stop it. It had skidded down to a low of 460 to the dollar.

Two weeks ago, Premier René Pleven proclaimed austerity for France, and a Slash in imports of U.S. coal, ore and raw materials, in an effort to brake the run. But devaluation rumors had French capital badly scared.

Last week, after a five-hour cabinet meeting, Pleven had good news to announce: the U.S. had granted France $600 million emergency aid—$200 million for direct economic aid, $400 million to maintain U.S. troops stationed in...

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