Word: lira
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...economic measures, however, were noticeably less popular. To cut consumption, the government raised prices for heating oil and gasoline by as much as 20%, and the Turkish lira, already devalued 66% earlier this year, probably will be devalued even further. The hopeful sign, on the other hand, was that the regime's tight new controls seemed to be winning the confidence of Turkey's Western financial backers. Two U.S. loans totaling $145 million that had been negotiated by the Demirel government went ahead on schedule; Deputy Prime Minister Ozal flew to Washington to sign the notes...
...Britain is far better off than Italy, whose current 21.7% rate tops European Community countries. Among the main causes of Italy's price explosion: a formidable budget deficit, an overvalued lira and an automatic wage-indexing system that only exacerbates the problem...
...dramatic measure was yet another devaluation of the lira, this time by nearly 50%; since last January, the value of Turkey's basic currency unit has fallen from 25 to the dollar to 70. Demirel also served notice on Turkey's sluggish, over-manned state enterprises, which account for more than half of the country's industrial production, that they would have to operate under market conditions. Last year government payments for public sector deficits accounted for one-third of the national budget and were a major factor in the soaring inflation rate. To raise foreign exchange...
...concrete form by dumping dollars and buying gold. In short, they were voting with their money. "We were waiting for an energy program, and the exchange rate reflects the absence of one," commented Leonida Guadenzi, vice president of the Milan Exchange, where the dollar fell sharply against the Italian lira. Added one Milan trader: "When Carter speaks, the dollar plummets...
Ecevit, who only a few months ago was boasting that "Turkey will depend solely on her own resources," last week bowed to fiscal realism. He agreed to a demand by the IMF that the lira be devalued by a whopping 70%. Devaluation should restore Turkey's credit with the international banking community, clear the way for billions more in aid, and improve the country's balance of payments by making its exports more competitive. But the move will make life even more miserable than ever for the average Turk, who must cope with an annual inflation rate...