Word: italian
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Dates: during 1970-1979
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...Americans planning to enroll this fall. Italy is the only hope. One such group, 105 students under the auspices of the Italo-American foundation, flew to Perugia last week in the face of the ban. Each had paid $4,600 for air fare, a summer course in Italian at Perugia, and counseling services. Although offered the opportunity to withdraw from the program, all 105 decided to see it through. Says Marty Bergman. 22. an Oberlin graduate who was turned down by 23 U.S. medical schools but has been accepted by the University of L'Aquila: "We believe...
There is still some hope that the ban will be modified. Many Italian politicians and educators are afraid that the new policy will hurt the study of Italian culture. Some educators even propose to ignore it. The government may in fact be softening its stand. According to an education ministry spokesman, the final law "will take into account the bilateral agreements between Italy and other countries...
Same Dividend. Other bankers have estimated that the Chiasso affair -named for the town in the Italian-speaking Swiss canton of Ticino where the scandal centered-could cost the firm some $400 million. Nonetheless. Aeppli assured stockholders that the rest of Crédit Suisse's affairs were in good order and indicated that this year's dividend would most likely be the same as that paid in 1976: $32 per bearer share...
Nowhere has the boom been more thoroughly exploited than in Ticino (pop.: 265,000), which lies along the country's border with Italy. The banking industry there, centered largely in the towns of Lugano and Chiasso, is built on Italian flight capital. Billions of lire are smuggled out of Italy each year by depositors worried variously about high taxes, inflation (current annual rate: 21%), and the political gains of the Communist Party. As many as 254 Swiss banks or branches located in Ticino compete fiercely for these loose lire. Some of the banks are suspected of collaborating...
...Tempting. The traffic in "hot" Italian funds was all too tempting to Crédit Suisse's Kuhrmeier, manager of the bank's Chiasso branch. He brought huge volumes of business to his bank. Swiss investigators eventually discovered, Kuhrmeier did this by offering depositors 1) interest rates higher than those paid for Eurodollar accounts and 2) written assurances that Crédit Suisse guaranteed depositors' funds. In short, he exploited the advantages of the fiduciary account ploy without obeying its restrictions...