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Mar 26, 2013 at 10:34 comment added Serge Lvovski @Will: On second thought, you are absolutely right, the standard Picard-Lefshcetz theory is applicable in this situation. So thank you again, I am accepting the answer.
Mar 26, 2013 at 10:32 vote accept Serge Lvovski
Mar 26, 2013 at 7:10 comment added Serge Lvovski Will, thank you! So you suggest to choose a general pencil of hyperplanes in $\mathbb P^N$ and to blow up $X$ at the preimage of this pencil's axis. Thus, one obtains a family over $\mathbb P^1$ (with fibers of the form $f^{-1}(H)$) which is going to play the role of L:efschetz pencil. That's right, but this is not a particular case of the standard P-L theory, so one should do the local analysis of monodromy and degenerations: exactly what I hoped that somebody had already done for me:))
Mar 25, 2013 at 21:16 history answered Will Sawin CC BY-SA 3.0