Shares of Visa and MasterCard dipped last week after the Senate rejected a proposed six-month delay on a Federal Reserve rule to cap debit card swipe fees at 12 cents per transaction.
At a dinner last October, for instance, Mr Chirac persuaded his German counterpart to agree to delay any reform of the common agricultural policy (CAP) until 2007 at the earliest.
However, once firms have purchased spectrum in excess of the cap, they would have substantial incentive to use their political muscle to delay or cancel any divestitures, or to sell off properties which are inferior to those acquired in the auction.