Word: lira
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Dates: during 1970-1979
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...first time ever, the British pound has plunged below $2. It dropped to $1.915 before rising slightly to $1.928 at week's end. The Italian lira has lost 18% of its value since January; it now stands at 806 to the dollar, v. 633 only one year ago. Beset by economic troubles, Spain devalued the peseta by 10% last month. There are strong indications that the French franc may also be forced into devaluation...
...lira jitters were set off by last January's long Italian political crisis. As the country drifted for 35 days without a government, panicky Italians smuggled lire into Switzerland, often lugging them there by the suitcase. To halt the losses, the Italian Treasury in January closed the official foreign-exchange market. Shortly before it reopened
...inhabitants of the Oval Office. Covering Saigon at the time of NLF victory, when Nixon was gone, Thompson seemed trivial, almost offensive. At the same time the presidential tapes were revealing that H.E. and P. even talked like Thompson ("Take Pat Gray out and shoot him (laughter)"; "Fuck the lira, there's no votes in that"). But his day was done...
...governments. Since then, the situation has improved dramatically. Italy's balance of payments deficit narrowed from $4.5 billion in the first half of 1974 to $493 million in the same period this year, inflation has been more than halved (to an annual rate of 10%), and the lira is holding steady. The main reason: tough measures dictated by Carli, including a tight credit policy (interest rates up to 20%), higher taxes and fuel prices, and temporary import restrictions...
...Milan stock market record its largest single-day drop since a government collapse coincided with a slumping market 15 years ago. Gianni Agnelli, chairman of Italy's giant Fiat automotive empire, warned that the results would "push us farther away from the Western world." Speculators sold the lira short. Moviemakers, many of whom are radical chic Communist voters, fretted that Western cinemoney would...