• Short Summary

    AS THE NEWS BROKE IN PARIS YESTERDAY (FRIDAY) EVENING OF THE DEVALUATION OF THE FRANC, THE LATE PAPERS RUSHED INTO PRINT WITH THE FIRST REPORTS.

  • Description

    AS THE NEWS BROKE IN PARIS YESTERDAY (FRIDAY) EVENING OF THE DEVALUATION OF THE FRANC, THE LATE PAPERS RUSHED INTO PRINT WITH THE FIRST REPORTS. PARISIANS WERE, LIKE THE REST OF THE WORLD, CAUGHT TOTALLY BY SURPRISE BY THE NEWS - WHICH CAME AFTER THE STOCK EXCHANGE (BOURSE) AND ALL BANKS HAD CLOSED FOR THE WEEKEND. THE DEVALUATION WAS ALSO THE MAIN FRONT PAGE HEADLINE OF MOST BRITISH NEWSPAPERS.

    THE ANNOUNCEMENT OF THE DEVALUATION ALSO CAME AT THE UNEXPECTED TIME OF ONE DAY BEFORE THE FRENCH GOVERNMENT WAS BREAKING FOR THE SUMMER HOLIDAYS. ALTHOUGH FOR SOME WEEKS RUMOURS HAD REPORTEDLY PERSISTED IN FRANCE THAT THE GOVERNMENT MIGHT TAKE ADVANTAGE OF THE HOLIDAY PERIOD TO ANNOUNCE CERTAIN FINANCIAL MEASURES IN DEFENCE OF THE WEAKENING FRANC, THESE MEASURES WERE THOUGHT TO TAKE THE FORM OF NEW TRADE RESTRICTIONS OR AN APPEAL TO THE INTERNATIONAL MONETARY FUND (I.M.F.) THE SECRET OF THE IMPENDING DEVALUATION HAD BEEN ZEALOUSLY KEPT SINCE JULY 16TH - WHEN IT WAS PRESENTED TO PRESIDENT POMPIDOU - AND RATIFIED BY THE CABINET IN EMERGENCY SESSION THIS EVENING.

    THE TIMING OF THE ANNOUNCEMENT - AFTER THE STOCK EXCHANGE AND OTHER FINANCIAL HOUSES WERE CLOSED - WAS PARTLY AIMED AT PREVENTING A PANIC SELLING AND BUYING ON THE FOREIGN EXCHANGE MARKETS.

    IN LONDON, AS IN MOST PARTS OF THE WORLD, THE MAJORITY OF TODAY'S DAILY PAPERS CARRIED THE NEWS ON FRONT PAGES WITH BANNER HEADLINES - WITH THE BRITISH PRESS PLAYING UP THAT THE DEVALUATION WOULD BE GOOD NEWS TO BRITISH HOLIDAY-MAKERS IN FRANCE.

  • Tags

  • Data

    Film ID:
    VLVACTOI1SIVDY4QCAMVWODRYK6RI
    Media URN:
    VLVACTOI1SIVDY4QCAMVWODRYK6RI
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    09/08/1969
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:24:00
    Time in/Out:
    /
    Canister:
    N/A

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