Word: mitterrand
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...will also save thousands of jobs at a time when unemployment in the Community has reached a postwar record of an estimated 9.5%. Both Mitterrand and Schmidt have repeatedly explained to Washington that Western Europe's defense capability is inextricably linked to its economic well-being and social stability. That view so far has failed to sway the White House, where aides blamed Haig for having misled the Western Europeans into thinking that Reagan had agreed to soften his opposition to the pipeline. In fact, when Reagan left Versailles, unhap py over the soft European stand on credit...
French President Francois Mitterrand took the lead last week in urging his European partners to consider retaliatory measures against the U.S. He declared: "We cannot be content to turn [summit meetings] into just so much internal propaganda for each of the participants. In that case, they should not be held at all." The French President was threatening by implication to boycott next year's summit, to be held in the U.S. Britain's Prime Minister Margaret Thatcher took one look at the original Brussels text and told her aides, "I cannot put my signature to this declaration, which...
...Mitterrand devalues in an effort to salvage his Socialist policy...
...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 nonstop pageantry, that diplomatic spectacular may in many ways have represented Socialist...
...West Germany. Even as French competitiveness on world markets has deteriorated, the pickup in industrial production promised by the Socialists has failed to materialize. More than 2 million French, 8.7% of the labor force, are unemployed, a rise of 15% since Mitterrand took office. Inevitably, the franc has come under attack as confidence in Socialist economic management has dwindled. Since March, France's central bank has spent about $8 billion to support its currency, leaving the government with a parlous $2.7 billion in reserves...