French political shuffle expected

A major shakeup of France's Socialist government appeared imminent following the resignation of Michel Jobert, the foreign trade minister. Mr. Jobert, who also served in Gaullist administrations, was the first senior Cabinet member to leave since President Francois Mitterrand formed his government in June 1981. Remarks by French Finance Minister Jacques Delors and a round of meetings at the Elysee Palace here indicated that Mr. Mitterrand was close to ordering the long-awaited reshuffle, which could include a replacement of Prime Minister Pierre Mauroy. The new Cabinet is expected to be announced along with a package of austerity measures aimed at curbing demand for imports and dampening inflation without driving unemployment up.

Jobert said he never was entrusted with powers to ensure a coherent policy. His announcement came as West European finance ministers in Brussels ended their first two days of crisis talks on West Europe's fixed exchange-rate system. The French government, trying to avoid a third devaluation of its embattled franc, threatened to withdraw if there was no agreement to reshuffle the values of other currencies. West European official foreign-exchange markets were to close today to avoid any runs on the currencies as finance ministers resumed their talks.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK