Word: lira
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...Ronald Reagan is still dim and distant, but at least one stunning shift in U.S. financial fortunes has already unfolded: the rebound of the dollar. Since January, the American currency has risen by 14% against the Japanese yen, 27% against the West German mark and 33% against the Italian lira...
...center with a church and central square; the impression is of a dying 19th century industrial civilization suffocating an even older culture. Says a Basque journalist: "The young get fed up with the fact they have no hope in the lousy city where they live, so they decide to lira al monte-take to the mountains and go with...
...dollar's strength against the lira more than cancels out Italy's inflation of 20%, so vacations there will cost about the same as they did last year. Even at that, Italy is still a relatively inexpensive place to travel by Western European standards. A first-class meal, including a succulent pasta, a main course of meat, fish or chicken, a salad, dessert, rich espresso coffee and a good bottle of Chianti, can easily be found for less than $26 per person. A meal in a more modest restaurant can go for as little as $8. Gasoline...
...into an unusual rescue mission of the mark. The two central banks each sold $500 million in dollars at midweek to prop up the weakening West German currency. In Zurich, the Swiss franc dropped into a two-year trough of 1.95 to the dollar, and in Milan the Italian lira plunged to a record low of 1,019 against the dollar. At the same time, the declining value of gold pushed bullion to $500.50 an ounce at week's end, or a little more than half the all time peak of $850 an ounce reached one year...
...Before it began to recover last week, the mark slumped to a low of 51.2? against the dollar, a prolonged slide from its high of 58.8? last January. It was also slipping against such onetime weaklings as the British pound, the French franc and even the Italian lira...