Berlin: The resignation of Finance Minister Paul
Moldenhauer is causing the first crisis for Chancellor Heinrich Bruening’s
cabinet, which can’t agree on who should replace him. Bruening still maintains that an emergency
tax is the only solution to Germany’s financial situation, but the unpopularity
of this idea is partly what caused Moldenhauer to resign.
Paris: More bad economic news -- French foreign
trade shows a deficit of 3.3 billion francs for the first five months of the
fiscal year. Yet on the same day,
sources say Prime Minister Andre Tardieu will propose a 1 billion franc
increase in defense spending, saying the country’s defense funds have become
depleted.
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