Word: lire
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Dates: during 1970-1979
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...largest, after Germany's. Yet a primitive and easily manipulated stock exchange, an outmoded bureaucracy, and unenforceable tax laws encourage Italians to invest their money abroad. Even before last winter's series of strikes and government crises, Italians reverted en masse to their old habit of carting lire across the border by the suitcaseful...
...those years, anything went. To eke out their meager stipends, parish priests could (and did) sell a 14th century predella out of the back door of their church for a few lire. The art market was full of floating masterpieces at whose origins dealers winked. The outstanding picture in the bequest, Sassetta's Our Lady of the Snow, is arguably the greatest surviving work by this unprolific Sienese master and worth, according to a spokesman at Christie's, "about $1,500,000." But it was stolen 60 years ago from the high altar of the church at Chiusi...
...false compartments of their automobiles. Border guards manage to seize only about 5% of the money. Once out of Italy, travelers make straight for one of the Swiss banks that are clustered almost as thickly as espresso bars in towns along the frontier. When deposited, the freely convertible lire are mostly used to buy Eurobonds or mutual-fund shares. Until last month, the Swiss banks had only to mail the lire to their nearest correspondent bank in Italy to receive full credit in any currency...
Discount for Delay. Fearing a serious balance of payments crisis, the Bank of Italy then acted to stanch the flow of lire. In a stunningly simple move, the bank decreed that lire from abroad would henceforth be converted to other currencies only at the bank's headquarters in Rome. It also made it clear that clerks would take their time handling the transactions. Swiss banks immediately passed on the cost of delay by accepting lira deposits only at discounts...
...autumn strikes. Yet to achieve the rate of investment necessary for the economy to continue to grow, the country needs a government capable of inspiring confidence. Until such a government comes to power, even Italian officials admit that the new rules will not stop the flow of lire across the border...