Word: lire
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...affair in Chiasso, a Swiss town on the Italian border, is a result of Switzerland's historic role as a haven for foreign money. For years, wealthy Italians had been lugging suitcases crammed with lire for deposit in Swiss banks; Crédit Suisse in Chiasso was a prime recipient. In 1975 the Swiss government became alarmed by the foreign-currency inflows that were forcing up the Swiss franc to unrealistic levels, harming Swiss exports. To discourage foreign depositors, the government slapped a 10% "negative interest" charge on large accounts held by non-Swiss...
Still, only a small proportion of the illegal capital outflow is being transported by Mercedes and motor scooter. Until new antismuggling laws were passed last April, lire in cash or checks could be transferred to some Swiss or Liechtenstein banks via clandestine exchange channels in Rome and Milan. Huge sums have also been sent abroad by the device of under-invoicing exports and over-invoicing imports; the excess amounts were then deposited in bank accounts abroad. But when it seemed that the Communists might make major gains in last June's elections, Switzerland was awash in a flood...
...lira jitters were set off by last January's long Italian political crisis. As the country drifted for 35 days without a government, panicky Italians smuggled lire into Switzerland, often lugging them there by the suitcase. To halt the losses, the Italian Treasury in January closed the official foreign-exchange market. Shortly before it reopened
March 1, the lira skidded to 808 to the dollar. After the market reopened, the currency recovered slightly to the 790 range, mainly because the Italian central bank spent $300 million to buy up unwanted lire...
...most popular vehicle for relatively small payoffs is the envelope. In Italy, bustarelle, or "little envelopes" containing lire for favors rendered, are quietly left on government officials' desks. In the U.S., Gulf Oil passed out many of its political contributions in sealed envelopes. Gulf Lobbyist Frederick Myers testified to the Securities and Exchange Commission that in 1964 he handed one envelope to New Mexico Republican Senator Edwin L. Mechem, now a federal judge, at a ranch outside Albuquerque. In 1970, Myers said, he flew to Indianapolis to present another envelope to Republican Representative Richard L. Roudebush, now head...