Word: lira
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There is a chance that none of the defendants will come to trial, for two reasons: 1) indictment of the Americans might lead to pressures for their extradition-an unlikely prospect; 2) with Italy asking for U.S. loans to shore up the lira, pressing criminal charges against U.S. citizens might seem tactless. But the commission may act against the Americans anyway, if only to diffuse Italian cynicism about politicians and that international symbol of trouble-Lockheed...
...proposed wage restraints-aimed at curing the sickest partner in the European Common Market. Italy's current inflation rate is 18%, its internal deficit is estimated at $20 billion, and its foreign trade deficit has doubled in only a year, to $4.4 billion. So weak is the lira that it has to be supported by a 7% surtax on foreign exchange purchases. Italy's accumulated foreign debt of $17 billion has all but exhausted her credit: the International Monetary Fund has held up since March a $530 million loan request...
...also realizes that they do not want Italy's capitalistic structure to collapse completely. Said the Premier: "If the Communist Party does not aim at revolution and dictatorship, it is only natural that it should support the recovery plan. The Communists know full well that if the lira plunges to the bottom, it would mean entering a risky area ... It seems to me that this sense of collective responsibility cannot be misinterpreted as the historic compromise, as some would have...
Except perhaps for gold, no monetary asset has quite the mystique of the Swiss franc. Since 1970, it has gained 74% in value against the dollar, more than 130% against the British pound and Italian lira, and even 23% compared with the almighty West German mark. The franc's strength is usually attributed to Switzerland's social and political stability and its reputation as a haven for funds of all sorts. Recently, the value of the Swiss franc has also been boosted by some economic successes that are the envy of most other nations...
...success of the party in transforming Italy into a modern industrial country has raised expectations that it has not been able to fulfill, especially in the recent enduring recession. Moreover, D.C. governments have lately proved unable to solve a host of economic and social problems: rampant inflation, a sagging lira, mounting national debt, 7% unemployment, inadequate transportation, hospital care and public housing. The party has a tarnished record of providing bad government by aging politicians. The Partito Comunista Italiano has mounted its most serious challenge so far under Berlinguer, the most talked-about politician in Italy at the moment...