Word: banke
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Dates: during 1960-1969
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...Norway, big and small businesses this summer are getting bleak answers when they make loan applications as longtime bank customers: "Sorry, but we don't have money...
...Times, "is undoubtedly the U.S." Caught in their own credit squeeze at home, U.S. corporations have been raising more and more money abroad. They accounted for 40% of new bond issues floated in European markets this year, and are expected to raise about $900 million in all. Meanwhile, U.S. bank branches abroad have pulled about $2 billion in lendable funds out of the money market and have sent it Stateside to headquarters. All of which leaves little for Europeans to borrow in their own money market...
That was when Dr. Guido Carli, now 52, governor of the Bank of Italy and a sound moneyman if ever there was one, took action. Carli traveled to Washington, came back with a $1.2 billion line-of-credit offer. Though little of the credit was actually used, its mere promise helped stabilize the lira. Next, Carli imposed a tight-money policy on Italy's banking system; among other things, banks were limited in the amount of their foreign borrowing. Under prodding from Carli, the Italian government cut its own spending, added taxes on autos and gasoline...
...terms. Only last year, the government issued 5,000,000 new 500-lire coins commemorating the 700th anniversary of Dante's birth. Today the Dante coins have just about disappeared -except on the black market, where they bring as much as $4.80. For many Italian bank clerks, the first order of daily business is to roam the streets trying to scrounge coins from train stations and stores in return for bills; some banks are issuing 500-lire cashier's checks that pass from pocket to pocket as legal tender. Several big department stores offer scrip instead of change...
...negligence, leave the country with pockets ajangle with lire. The worst offender is undoubtedly the ordinary Italian. Still not confident about the long-range future of his country's economy, he is hoarding coins against the day when paper money loses its value. As one result, the piggy bank has become one of the hottest items in Italian stores...