Word: lira
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...marks (it fetched 238 yen and 2.94 marks in 1985); so far this year, the dollar has skidded 9% against both the yen and the mark. But the dollar's troubles were only part of the turmoil: the British pound, the French franc and the Italian lira also tumbled, and the Mexican peso resumed its free fall until the country's harsh new austerity plan led to a rebound. On top of that, governments were forced to devalue the Spanish peseta, the Portuguese escudo and the Brazilian real...
Then wave after wave of mishaps struck the now overleveraged firm. The world recession hobbled tourism just as Italy -- the home of most Ciga hotels -- was hit by scandals that toppled several governments. Officials devalued the lira nearly 50%, which almost doubled the cost of repaying Ciga's $670 million debt. Property values plunged, eating away at the collateral of Ciga's creditors, and the war in the gulf deflated what was left of the 1980s travel boom. Many of Ciga's hotels emptied virtually overnight. "They were good guys, really," says the London banker. "But the problem was they...
...With the lira down and the nation rocked by the Mani Pulite, or Clean Hands, kickback investigations, Italians need some good economic news. They looked for it, naturally, in the Milan fall ready-to-wear shows, just ended, hoping in part that a recovering U.S. economy will send a windfall of clothing orders their way. One enticement: with the weaker lira, price tags will be at least 15% lower than last year's. But the critics' reviews were mixed. Clown motifs, gold frogging, Tyrolean touches or military flourishes cluttered many of the outfits and seemed inappropriate for local customers...
...Italians are learning that history can repeat itself. Their proud and prosperous country is in decline and free fall because of some nasty vices familiar to the Caesars: greed, complacency and a betrayal of trust by those on whom it was conferred. Last year the ignominious ouster of the lira from Europe's exchange-rate mechanism told Italians that their economy was not as resilient as they once thought. Then they were forced to confront the power of the Mafia. And for 18 agonizing months they have been discovering that the crooks are not confined to the Cosa Nostra...
...London-based billionaire George Soros, there is no sweeter music than the roar of an international exchange- rate crisis. In his latest orchestration, Soros reaped profits to the tune of $1 billion by staking seven-digit sums of leveraged cash on a future drop in the value of the lira and pound sterling. Amid Europe's ongoing currency flux, Soros could have easily come out a big loser. But when the pound tumbled, his risky triumph delighted investors in the Soros-run Quantum Fund and peeved officials in Western Europe's vulnerable central banks, who were forced to cough...