• Short Summary

    The French franc gained strongly on foreign exchange markets on Friday (27 August) following the appointment of the new French Prime Minister, Monsieur Raymond Barre.

  • Description

    The French franc gained strongly on foreign exchange markets on Friday (27 August) following the appointment of the new French Prime Minister, Monsieur Raymond Barre.

    SYNOPSIS: The new Prime Minister arrived this official residence -- the Hotel Matignon -- son after the new government was announced by the French President, Monsieur Valery Giscard d'Estaig. Monsieur Barre was promoted form Foreign Trade Minister after the Gaullist, Monsieur Jacques Chirac quit the premiership in a bitter dispute with the President. The new cabinet is likely to stay in power until general elections in 1978 -- a crucial test between pro-Giscard forces and the opposition left.

    For Monsieur Chirac -- shaking hands with Monsieur Barre -- the economy was a key factor in his decision to resign. It's also expected it will be the deciding issue in the 1978 elections. Politically, although the new government has fewer Guallists, some strong appointments have been made to ensure their continued alliance with the President's Independent Republicans.

    While Monsieur Chirac headed for the country and what he called a long vacation, the franc forged ahead on the foreign currency market. Before Monsieur Chirac quit on Wednesday (25 August) the franc had sunk to its lowest level against the U.S. dollar in three years. Currency dealers blamed the fall on inflation and mounting trade deficits. However, increasing uncertainty over the future of the Chirac administration had also been held responsible.

  • Tags

  • Data

    Film ID:
    VLVAAQGJ2IBEWZPEBNEKZJHJF9MI5
    Media URN:
    VLVAAQGJ2IBEWZPEBNEKZJHJF9MI5
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    28/08/1976
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:24:00
    Time in/Out:
    /
    Canister:
    N/A

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