Word: lira
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Dates: during 1980-1989
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...economy showed several signs of vigor last week. The dollar set records against the French franc and Italian lira and was worth more than three West German marks for the first time since 1973. To foreign investors, said Walter Heller, who was President Kennedy's top economic adviser, "the U.S. is the safest and most profitable haven around for investment." Bond prices surged on the belief that the Federal Reserve Board is easing its monetary policy. Stocks also rallied. The Dow Jones industrial average jumped 30 points to finish the week...
Silverblatt's feeling came from a dollar that this summer has hit all-time highs against nine foreign currencies, including the British pound, the French franc and the Italian lira. The surge has helped to propel American tourists abroad in ever growing numbers. Applicants at the 13 U.S. passport agencies have had to wait up to eight hours this summer just to reach the counter, and clerks have been working six-day weeks. The frantic pace should outstrip last year's, when U.S. travelers made a record 25.3 million trips abroad...
...January 1976, Italy teetered on an economic precipice. Its currency reserves could cover only two months of necessary imports. The lira was plummeting. External credit had dried up. Dramatically, official foreign exchange markets were shut down for five weeks. When they reopened, the government imposed tight restrictions on imports and credit and raised the discount rate 4 percentage points to stem runaway speculation against the lira-all in close cooperation with the IMF. A year later, the fund granted Italy a $530 million stand-by loan, thus opening the door to commercial credit markets. Within four years, Italy...
...abroad, where Americans were enjoying the spending power of the strongest dollar in years. Propelled by the high level of U.S. interest rates and concerns about political instability abroad, the dollar smashed records for three straight days. The U.S. currency reached alltime highs against the French franc, the Italian lira and the British pound, and a ten-year peak in relation to the West German mark. By the end of the week, a dollar was worth 8.59 francs, 1,700.25 lire and 2.8 marks. The pound cost only $1.40. The dollar's gains continued even though the U.S. Federal...
Vellucci probably won't be the only one spending money. When Gaeta Mayor Quirino Lecesse visited Cambridge in September, he told the city council that his town had allotted 10 million lira (about $6500) to entertain Cambridge officials travelling to Italy...