FRANCE: Save the Franc

In a month as Premier of France, wispy-looking Antoine Pinay, 60, had lost nine pounds. Most of it he lost preparing for the showdown that came last week over France's 1952 budget. He well knew that the budget had been the downfall of his two predecessors—René Pleven and Edgar Faure. They tried to balance the budget by taxing more; he proposed to do it by spending less. His simple suggestion had a staggering success.

In the Chamber of Deputies one evening Premier Pinay, a newcomer to the political big time, went straight to the heart of France's economic turmoil. "Currency," he...

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