The Milan stock market reached it s lowest level this year following the disappearance of Banco Ambrosiano's president Roberto Calvi.
SV PAN Newspaper stand with people reading newspaper's headlines about Calvi's disappearance and devaluation (2 shots
GV PAN EXTERIOR Banco Ambrosiano
SV Brokers and clients in Italian stock exchange (4 shots)
GV La Bourse
CU "Bourse" sign and people going up steps into building (2 shots)
GV INTERIOR People milling about in hall (8 shots)
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Background: The Milan stock market reached it s lowest level this year following the disappearance of Banco Ambrosiano's president Roberto Calvi. Banco Ambrosiano is Italy's largest private sector banking group. Its president, last seen on June 10, was on bail after being convicted last year of illegally exporting currency. His appeal was due to be heard later this month. Mr.Calvi's disappearance combined with the week-end devaluation of the Lira to undermine an already weak market. After the 2.75 devaluation, Italy's Treasury Minister Beniamino Andreatta said he hoped the Italian government would approve austerity measures like those announced by the French government after a similar devaluation of the Franc. As the Franc was fixed at a 24-year low of 6.7035 to the Dollar, the Socialist administration announced on June 13 a four-month freeze on wages and prices, together with limits on public deficits. French economists see the measures, aimed at reducing inflation, currently running at 14 per cent, as major change of policy. But, in one of his rare addresses to the nation, President Francois Mitterrand said last week that he had no intention of changing the course of his growth strategy.