Monaco: Prince Valiant

Peace came last week in the bitter struggle between the Riviera rivals, France and Monaco. "There were concessions on both sides," insisted a French diplomat. True enough, but who else these days is wringing concessions from Charles de Gaulle? Not Kennedy, Macmillan or Khrushchev. Only stubborn, tenacious Prince Rainier.

The crisis began last year, when France issued an ultimatum ordering Monaco to align its tax structure with France and end its status as a haven for freeloading French corporations and businessmen. The Monegasques, enraged at the prospect of losing their freedom to pay...

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