Spain is likely to receive a record number of tourists this summer following the devaluation of the peseta.
MV EXTERIOR: man printing poster.
MV: man buying postcards
GV: traffic in street
CU: number plates of cars from France, Germany, Italy. (4 shots)
MV: tourist coming out of bank entrance.
MV: tourist taking photographs.
GV: people crossing street.
MV: newspaper headlines of newspapers on stands (3 shots)
GV PAN: bank
MV PAN: exchange rates fall.
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Background: Spain is likely to receive a record number of tourists this summer following the devaluation of the peseta. French visitors, who account for one third of the tourists in Spain, are now paying 5.57 francs for 100 pesetas compared to seven francs before devaluation of nearly 20 percent.
SYNOPSIS: The pesetas' devaluation is the second boost to Spanish tourism within a year. Last summer many visitors stayed away because of political unrest, but steady moves towards stability have towards stability have brought them back again.
Now the devaluation has come just in time for the big rush of French tourists who head for spain following the national Bastille Day holiday on 14 July. The same bonus will swell the numbers of British and Germany visitors.
The Spanish government took the step as a way of putting the country on a sound economic footing in the transition from dictatorship to democracy. It's described as the first step towards stabilising a shaky economy. The Bank of Spain allowed the peseta to float down to 87 pesetas to the U.S. dollar, a drop of 19.9 percent.
Spanish goods and holidays will be cheaper for foreigners but the devaluation will sharply increase the cost of imports, especially oil. Spain's repayment of foreign debts, totalling 12 billion dollars, will be another item that will become much more expensive.