• Short Summary

    IMPORTANT NEW CREDIT MEASURES FOR FRANCE WERE ANNOUNCED TONIGHT (28 AUGUST) AFTER A FIVE HOUR MEETING OF THE FRENCH CABINET.

  • Description

    IMPORTANT NEW CREDIT MEASURES FOR FRANCE WERE ANNOUNCED TONIGHT (28 AUGUST) AFTER A FIVE HOUR MEETING OF THE FRENCH CABINET.

    THE MEETING, AT THE ELYSEE PALACE, WAS THE FIRST SINCE THE DEVALUATION OF THE FRANC. FINANCE MINISTER VALERY GISCARD D'ESTAING TOLD MINISTERS THAT FRANCE HAD ARRANGED TO BORROW 670 MILLION POUNDS STERLING (1,600 MILLION DOLLARS) IN ADDITION TO A 416 MILLION POUNDS STERLING (985 MILLION DOLLARS) STANDBY CREDIT BEING NEGOTIATED WITH THE INTERNATIONAL MONETARY FUND.

    HE DID NOT DISCLOSE WHERE THE ADDITIONAL CREDIT WAS COMING FROM, BUT THE UNITED STATES AND WEST GERMANY HAVE BEEN MENTIONED AS SOURCES IN FRENCH PRESS REPORTS.

    COUPLED WITH THE LOANS CAME THE ANNOUNCEMENT TONIGHT OF A SAVAGE FIVE MONTH CREDIT SQUEEZE. HIRE PURCHASE DEPOSITS ARE TO BE RAISED TO UP TO FIFTY PER CENT AND REPAYMENT PERIODS CUT TO FIFTEEN MONTHS, EFFECTIVE FROM NEXT MONDAY.

    BOTH MEASURES ARE SEEN AS PART OF FRANCE'S POST-DEVALUATION POLICIES. GOVERNMENT SPOKESMAN LEO HAMON TOLD REPORTERS AFTER THE CABINET SESSION THAT THE LOANS WOULD PRESERVE THE FRANC FROM INTERNATIONAL SPECULATION, AND WERE NOT A REFLECTION ON THE STATE OF THE FRENCH CURRENCY.

  • Tags

  • Data

    Film ID:
    VLVA38GS3Q8XAUSW1QOZ0A7IKO77K
    Media URN:
    VLVA38GS3Q8XAUSW1QOZ0A7IKO77K
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    28/08/1969
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:00:58:00
    Time in/Out:
    /
    Canister:
    N/A

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