Word: franc
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...translated as Death on the Installment Plan), which is, among other things, a merciless recollection of boyhood and family life. "I was born in a shop," he liked to say, referring to his mother's modest lacemaking establishment; for all his rebellion, an incorrigible petit bourgeois, pinching every franc, lived within Celine. At 14 he dropped out of school and worked at a silk shop and as an errand boy. In the evenings, eyes "burning with lack of sleep," as he recalled, he studied on his own, managing to pass the difficult exam for a baccalaureat degree...
Except perhaps for gold, no monetary asset has quite the mystique of the Swiss franc. Since 1970, it has gained 74% in value against the dollar, more than 130% against the British pound and Italian lira, and even 23% compared with the almighty West German mark. The franc's strength is usually attributed to Switzerland's social and political stability and its reputation as a haven for funds of all sorts. Recently, the value of the Swiss franc has also been boosted by some economic successes that are the envy of most other nations...
Switzerland's inflation rate over the past year, for example, has been only 1.2%. Since January, consumer prices have actually declined. In spite of widespread fears that the rise in the franc would hurt exports by making them more expensive to foreign buyers, the country has amassed its first trade surplus in memory: $103 million in the first five months of this year. And unemployment stands...
...strength of the franc has helped the fight against inflation by making imports cheaper. Labor unions have also showed restraint in wage demands. The recession helped to hold prices down, also, by lowering demand...
While the rise in the franc has given Switzerland a reputation among tourists for high prices, the gap is gradually being narrowed by the absence of inflation. Vacationers are pleasantly surprised to find that the prices of hotels and ski-lift tickets have stayed the same from one season to the next. Last month Swiss newspapers carried full-page ads that seemed unreal to foreigners: because of the recent rise in the franc, the prices of some Japanese cars were being cut by anywhere from...