Word: carlie
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Dates: during 1970-1979
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All Aboard. The multinational trend has built up a momentum of its own. Says Dr. Heinz Sippel, a Westdeutsche Landesbank representative at Orion: "There were a number of trains standing in the station, and we wanted to be sure to get aboard one of them before they all pulled out...
Administrative Ploy. Devaluation was prevented by Guido Carli, governor of the Bank of Italy, who made three shrewd moves. First, he raised the interest rates on Italian bonds to make them as attractive to lire investors as foreign issues had been. Next, through a neat administrative ploy, Carli made currency...
Carli's third move was stunningly simple. He bolstered his country's balance of payments by replacing Italy's depleted store of monetary reserves with dollars borrowed by state-run and private corporations from private banks in Europe-a step that no one had thought of taking...
Buying Time. The whole operation was immeasurably helped by Carli's high personal standing among international bankers. An athletic, ascetic-looking man, he holds a position comparable to the combined posts of Federal Reserve Chairman Arthur Burns and Chief Presidential Economist Paul McCracken. Carli sits in on Cabinet financial...
Carli's rescue of the lira has bought time for more fundamental reforms. The Italian Parliament last month approved a package of financial measures, including new incentives for capital investment and taxes on consumer goods that would help check inflation and finance public health and housing programs. The government...