Word: lira
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Dates: during 1970-1979
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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...
...success of the party in transforming Italy into a modern industrial country has raised expectations that it has not been able to fulfill, especially in the recent enduring recession. Moreover, D.C. governments have lately proved unable to solve a host of economic and social problems: rampant inflation, a sagging lira, mounting national debt, 7% unemployment, inadequate transportation, hospital care and public housing. The party has a tarnished record of providing bad government by aging politicians. The Partito Comunista Italiano has mounted its most serious challenge so far under Berlinguer, the most talked-about politician in Italy at the moment...
...investors have bid up the price of the mark about 7% against an average of all major currencies. Compared with the currencies of the most economically troubled European nations, the mark's rise has been striking. So far this year, it has climbed 19.6% against the sinking Italian lira and 13% against the British pound, which last week slipped below $1.80 for the first time. Moreover, with Germany's strong recovery all but assured, any further economic disruptions in Europe this year will probably kick the value of the mark even higher...
...election, the edgy Communist leaders moved cautiously last week. They practically ignored new developments in their natural campaign issue: the economy. While other West Europeans were beginning to enjoy the passing, at long last, of a stubborn recession (see ECONOMY & BUSINESS), Italians had new gloomy statistics to ponder. The lira dropped to an alltime low of 920 to the dollar, despite heavy intervention by the Bank of Italy, which spent a reported $1 billion to shore it up in March and April alone. Mean while, the balance of trade deficit, it was also announced, increased by $1.5 billion...
...filling up. Even the two countries with sick currencies, Britain and Italy, are deriving some benefits. Tourists are pouring into Britain to snap up bargains: a South American lawyer recently bought 2,000 lightweight suits from Marks & Spencer in London. Italian exporters are taking advantage of a cheap lira to post remarkable increases in foreign sales of clothing, appliances and machine tools...