Word: lira
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Volpi put the lira back on gold (TIME, Jan. 2). Volpi adroitly won huge concessions from the U. S. and Great Britain in funding the Italian debts to those powers (TIME, Nov. 23, 1925). As Finance Minister, Volpi has been for three years past the one Italian statesman with whom U. S. big business has found it possible to deal-man to man, without undue formality, with absolute confidence...
Last week, Count Volpi resigned as Finance Minister. He is known to have incurred the ire of Il Duce on several occasions-notably when he insisted that the lira be put back on gold at a lower valuation than that at first desired by Signor Mussolini. But from this it must not be rashly assumed that Count Volpi was "asked to resign." The irritable Duce has in other moods given his Finance Minister to understand that he must resist certain highly lucrative offers from the sphere of private business which have become especially tempting of late...
...most brilliant pages in the world's colonial history," cried he, "is inscribed with the story of how Italian troops have recently occupied in Tripolitania and Cyrenaica an additional area one third the size of Italy at a paltry cost of less than 57,000,000 lira...
Count Giuseppe Volpi, brilliant, suave, self-made Finance Minister, spoke to the Senate, last week, with what he styled "brutal frankness." The Government, he said, had put the lira on a gold basis (TIME, Jan. 2), but it will not go further and issue gold coins. Secondly, the Government will shortly lift most of the restrictions on foreign trading and exchange transactions with private Italian interests. Thirdly, notice is again given that Italy will continue repaying her debt to the U. S. only so long as her receipts from German reparations continue...
Despite the revalorization of the lira its quotations among the money brokers was less than its new par value. Money of more than a dozen other countries, however, were worth more than their par value in U. S. gold dollars...