Word: lira
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Sink it did last week, and not so gradually. Before the agreement, the dollar had risen to 2.08 DMs; by week's end it had dropped to 2.03. It also fell against the Swiss franc, the French franc, the Italian lira and the British pound...
...gold window slammed shut, boasted that he had acquired a reputation as "a sort of bullyboy on the manicured playing fields of international finance." Nixon's own attitude was immortalized by a casual comment on a Watergate tape: "I don't give a shit about the [Italian] lira...
...psychologically important two-mark barrier before rallying slightly to close the week at 2.02. In Switzerland, the dollar rocketed between extremes of 1.88 and 1.75 Swiss francs within two trading days. The dollar even managed a distinction of sorts by hitting a 17-month low against the Italian lira, one of the world's weakest currencies...
...months, longer than the average life span of most postwar Italian governments, Andreotti's Cabinet has survived and even prospered with the support of the Communists and other major parties. The Premier reduced inflation from 25% to less than 15%, shored up the vulnerable lira, and even brought the 1977 balance of payments into the black...
...regaining strength. In addition to its vigorous industrial recovery, tourism, which is Italy's biggest earner of foreign currency, is thriving. As gestures of support, the International Monetary Fund has just approved a $530 million stand-by loan, and the European Community has put up $500 million. The lira, artificially propped up by tight controls for the past year, once again is being traded on the free market and is holding steady at 882 to the dollar. But an unchecked inflation, now running at 21.8% a year, threatens these achievements. In order to check prices, Premier Giulio Andreotti...