Let Them Eat Francs

Mitterrand devalues in an effort to salvage his Socialist policy

No matter matter how political leaders may try to disguise it, the devaluation of a nation's currency always reflects an embarrassing failure of economic policy. President François Mitterrand was warned by his advisers a month ago that the feeble French franc's pegged level within the 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...

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