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Title : Lepen Would Reintroduce The French Franc
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Lepen Would Reintroduce The French Franc

The Economist reports:

Marine Le Pen, leader of France’s far-right National Front, has indicated that she hopes to reintroduce a national currency if she is elected president inward May. In a recent speech, she suggested that authorities bonds would travel redenominated inward francs instead of euros.

The proposal was dressed upward inward technicalities. The franc would travel revived every 2nd a “parallel” currency for official transactions in addition to used amongst the euro inward a version of the systems (the ophidian in addition to the exchange-rate mechanism) that existed inward the 1970s in addition to 1980s. Such schemes tied European currencies together simply were plain of study to regular crises, with French Republic periodically devaluing the franc.

But, of course, she wants to create it for dastardly reasons. The Economist again:

Investors would pretty rapidly come across through the façade. There is non much dot inward bringing dorsum a national currency unless y'all desire the correct to devalue it. And at that topographic point is non much dot inward redenominating authorities bonds inward francs unless y'all desire to pay creditors dorsum less than they expected. (This powerfulness technically count every 2nd a default, according to Moody’s, a rating agency; it depends on the exact circumstances.)

What fun. Screwing the holders of French government debt past times paying them with drole d'argent.

-RW

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