Word: lira
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...fundamental flaw in the argument of those who believe the euro pushed up inflation significantly is that there's almost no supporting evidence. Italy provides a good example because, in 1993, it experienced a sharp deterioration in household income following a massive lira devaluation. Tens of thousands of people lost their jobs, auto and retail sales crashed and there were other sizable - and measurable - effects on the economy as a whole...
...Bang, however. More recently, the U.K.'s decision to opt out of the euro in the early '90s stoked concern that Frankfurt - now home to the European Central Bank - would eclipse the City as Europe's leading financial center. Those concerns have gone the way of the franc, lira and deutsche mark. Thanks to London's ability to exploit its long-standing expertise in marketmaking and English's position as one of Europe's primary languages, there are now more euros traded for dollars, pounds and yen each day in London than in the euro-zone countries combined. The City...
When Italian manufacturers ran into competitive problems in the past, there used to be an easy fix: currency devaluation, which made Italian exports cheaper relative to those of other countries. But that solution is no longer available, because Italy swapped the lira for the euro, which has risen against most other currencies, including the dollar. "We used to say small is beautiful, but that's no longer true," says Adalberto Valduga, president of the regional chamber of commerce in nearby Udine, the provincial capital. While the strong euro is penalizing firms, he says the real challenge is a more fundamental...
...bill condemning this situation, news coverage of the two-decades-long conflict and the children it endangers continues to be sparse. Dinesha said her interest in the matter came from a summer spent in Uganda with the School for International Training. She visited some of the rehabilitation centers in Lira for children who have escaped from the LRA. “It’s pretty intense, when you see this kid and know that he’s killed someone,” she said. That intensity, she said, impelled her to join the Uganda Conflict Action Network...
Last winter the U.S. dollar was rising powerfully, setting records against the French franc, the West German mark and the Italian lira. During the long, hot summer, though, the dollar has sweltered and gone limp. Main reason: fears that the U.S. economy may be stagnating. Since late February, the dollar's value has dropped 25% against the British pound, 10% against the Japanese yen and 14% against the lira. Last week the greenback lost ground in four of five trading sessions, closing Friday at its lowest level in more than a year against the German mark and the French franc...