To calm skeptics, Mitterrand devalues the franc
No sooner had he moved into the Elysée Palace than he set about reflating the economy to fight France's record 7.7% unemployment. True to his campaign promises, he reversed predecessor Valéry Giscard d'Estaing's cautious policy by introducing a budget calling for 27% higher public spending and a $17 billion deficit. He made good on a longstanding pledge to take over private banks and key industries. He increased welfare benefits to families, the aged and the handicapped. But last week President François Mitterrand was forced to...
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