Word: italianize
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Dates: during 1980-1989
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Surprisingly, the city was Moscow, the avenue was Gorky Street, and the pizza parlor was a pitseriya, the first in a chain of 22 that an Italian firm plans to open up around the U.S.S.R...
...biggest Italian bank scandals of modern times last week got bigger. Struggling to unravel the mystery surrounding $1.2 billion to $1.4 billion missing from Milan's Banco Ambrosiano, Italy's eleventh largest bank, and the apparent suicide in June of its president, Roberto Calvi, Italian authorities tried to serve notice on three of the top officials of the Vatican bank that they were under investigation for possible bank fraud. Among them was American-born Archbishop Paul Marcinkus, 60, the president of the bank, which is officially known as the Institute per le Opere di Religione (I.O.R.), or Institute...
...Holy See jealously guards its status as a sovereign state. When Italian officials sent letters to the three bankers, informing them of the investigation, the Holy See's Secretariat of State refused to take delivery of the documents. Instead, it insisted that the letters be passed through formal diplomatic channels via the Italian embassy to the Holy See. Italian officials are expected to resend the notifications this week, perhaps through the foreign ministry...
...believe that it involves evidence of a plot, in which the deceased Calvi may have been implicated, to transfer a large amount of Banco Ambrosiano's stock outside of Italy, in secret, where Calvi could have control of it but not have "to worry about the scrutiny of Italian banking authorities. The investigation is also looking into Calvi's use of the Vatican bank in the scheme, especially Marcinkus and Mennini's agreement to issue certain "letters of patronage" for Calvi. Such letters are sometimes used by banks to attest to the financial credentials of a borrower...
...While Italian officials tried to untangle Vatican ties to Banco Ambrosiano, about 200 of the bank's European creditors gathered in London last week to salvage what they could of the loans taken out by the bank. Half of the $1.2 billion to $1.4 billion has been guaranteed by seven Italian banks, and will apparently be repaid. The other half, though, is owed to creditors by Ambrosiano's subsidiaries in Nassau and Luxembourg. But the Luxembourg affiliate has been declared in default, and operations by the Bahamian subsidiary have been suspended by banking authorities in that country. Italian...