Word: volpi
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Dates: during 1920-1929
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Finance Minister Count Volpi entered the Chamber and crossed with quick nervous strides to the Ministerial Bench, where Premier Mussolini awaited him. The Premier shook his hand with vigor. The Deputies rose to their feet and cheered him. From the public galleries as many cives Romani as could squeeze in roared their approval of the Volpi-Churchill Italo-British debt settlement (TIME, Feb. 8, COMMONWEALTH...
...Count Volpi ascended the Tribune, spoke: "No nation has been vanquished and no nation has been victorious in our debt agreements with England and the United States. [Loud cheering, since the Italians consider Count Volpi, if not 'victorious,' extremely 'successful.']... With the fluctuations of the exchange, Italy's War debts once reached a figure almost ten times larger than that at which they are now set.... Our foreign liabilities are (theoretically) completely covered by German reparations under the Dawes plan...
Chancellor Churchill of the British Exchequer struck hands with Finance Minister Count Volpi of Italy last week; signed and sealed an agreement with him that Italy is to pay the following sums to Great Britain in liquidating her debt...
Dispassionate observers could find little to add to these two pronouncements. Taken together, however, they provided much solid food for thought, and an excellent opportunity for congratulating Count Volpi upon his success in apparently pleasing both his major creditors fairly well. The New York Times might scoff: "Both Great Britain and the U. S. gravely assume that our grandchildren will be collecting on the Italian debt. . . . Who lives will see, but it is extremely unlikely that he will see that." And the London Times might grumble: "Reduced to simple mathematical terms, the agreement represents the cancellation of approximately six-sevenths...
...amount of aid supplied to British troops by Italy" and other intangible factors. Two weeks ago, honest Italians considered the alleged original Italian total offer of 380 million pounds too high; and honest Britons felt the alleged initial British demand of 580 million pounds too low. As Count Volpi put it, in his now famous "favorite English sentence": "It all depends on how you look at it." 2) The Churchill-Volpi fiscal deal was persistently rumored last week to be only the visible cement of a British-Italian "understanding" with respect to mutual interests in the Near East. Diplomats opined...