Front Populaire Yields to Pressure on the Franc

Friday 25th September 1936



Léon Blum’s Front Populaire government in France gave up the ghost of trying to protect the value of the Franc, which had been under pressure from the the time of the left's huge win the elections. In agreement with Britain and the US the Franc was to be devalued. The two anglophone powers agreed to make resources available to dampen any “disturbance of the exchanges” that might result. The scale of the financial crisis can be judged from the fact that the Bourse was closed, supposedly for a few days only.


The Swiss and Dutch governments, whose economies, were closely linked to their neighbour’s followed suit almost immediately. No figure was set for the size of the devaluation; in practice the open market would set the new value of the franc.

Comments

Popular posts from this blog

Eighty years ago, Chamberlain is finally held to account for his dismal record

Eighty years ago, the British land in Norway in a campaign worthy of the debacles of the eighteenth century

Eighty years ago, the British campaign in central Norway nears collapse but Franco-British relations get a big fillip