• Short Summary

    Italian banks and stock exchange reopened this morning for the first time since Prime Minister Giulio Andreotti announced on nation-wide television conference a series of austerity measures designed to bolster the lira and the industrial situation.

  • Description

    Italian banks and stock exchange reopened this morning for the first time since Prime Minister Giulio Andreotti announced on nation-wide television conference a series of austerity measures designed to bolster the lira and the industrial situation.

    The lira had hit a low of 873 to the dollar when the money markets closed. That meant to buy one dollar. 873 lira were needed, whereas a day before only 856 were sufficient. Mr. Andreotti, in his speech to the nation told Italian that almost 25 percent of all money spent in Italy went to purchase foreign products. The government slapped a 10% tax on those purchasing foreign currency; this measure was to have immediate effect and is to last for at least 15 days. The government also planned to raise taxes as of next year, and increase tariffs on a number of public services, as transportation electricity (expected to go up 12%), telephone calls, postage, train and bus fares. Also affected will luxury items as furs, alcoholic beverages, perfumes -- which will be hard hit by increase in value added taxes.

    This morning the banks reopened and the liras value, probably thanks to the governments emergency measures, picked up values. a further fall in the liras value would have meant a severe blow to the prestige of the government.

  • Tags

  • Data

    Film ID:
    VLVANFO5NTTZ2P0NMAN83S9ADZOW
    Media URN:
    VLVANFO5NTTZ2P0NMAN83S9ADZOW
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    04/10/1976
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:05:00
    Time in/Out:
    /
    Canister:
    N/A

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