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PORTUGAL
In Portugal the chief topic in financial circles is the increasing
shortage of foreign exchange, including not only dollars, but also sterling.
The country is one of the latest to go through the familiar post-war pat-
tern of squandering its exchange holdings on luxuries, such as American
automobiles. Only substantial ECA assistance can prevent a drastic
tightening of import controls. Business is declining moderately, as in
other European countries, with drought and an over-valued currency as
contributing factors. Politically, Portugal also seems outside the main
western European current, but the regime seems well entrenched.
6 ARCHIVES AND SERVICE**
RECORDS
ITALY
This country has made encouraging progress since a year ago, both
politically and economically, and ECA certainly deserves much of the
credit. The local ECA representatives are considered to have done an
excellent job. Communism has much less of a grip on labor and has little
power to obstruct the government. Measures taken a year or more ago to
strengthen the lira have met with striking success, although at the cost
of some business depression and a very tight money condition. It would
help considerably if a start could be made on expending ECA counterpart
funds. Foreign exchange reserves have increased at a surprising rate -
both dollars and sterling - the latter faster than the Italians would
like. Of all the European exchange rates, the lira-dollar rate is one
of the most realistic. Italy's big long term problem is over-population,
and it is essential to look for some solution.
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"ocrText": "-5-\nPORTUGAL\nIn Portugal the chief topic in financial circles is the increasing\nshortage of foreign exchange, including not only dollars, but also sterling.\nThe country is one of the latest to go through the familiar post-war pat-\ntern of squandering its exchange holdings on luxuries, such as American\nautomobiles. Only substantial ECA assistance can prevent a drastic\ntightening of import controls. Business is declining moderately, as in\nother European countries, with drought and an over-valued currency as\ncontributing factors. Politically, Portugal also seems outside the main\nwestern European current, but the regime seems well entrenched.\n6 ARCHIVES AND SERVICE**\nRECORDS\nITALY\nThis country has made encouraging progress since a year ago, both\npolitically and economically, and ECA certainly deserves much of the\ncredit. The local ECA representatives are considered to have done an\nexcellent job. Communism has much less of a grip on labor and has little\npower to obstruct the government. Measures taken a year or more ago to\nstrengthen the lira have met with striking success, although at the cost\nof some business depression and a very tight money condition. It would\nhelp considerably if a start could be made on expending ECA counterpart\nfunds. Foreign exchange reserves have increased at a surprising rate -\nboth dollars and sterling - the latter faster than the Italians would\nlike. Of all the European exchange rates, the lira-dollar rate is one\nof the most realistic. Italy's big long term problem is over-population,\nand it is essential to look for some solution."
}