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The money had appeared all at once, as well.However, the only new funds were 540m lire sitting in Fininvest Roma's and Fininvest Srl's bank accounts (see table 1).As at December 26th 1978, Fininvest Roma had paid-up capital of 18 billion lire, all held by the 19 holding companies.
This transaction brought Fininvest Roma's share capital to exactly 18 billion lire, all paid up.In effect, a convertible bond of 500m lire and 16.94 billion lire in shareholder loans―received by Fininvest Srl, according to Mr Dal Santo's information, in 25 tranches from February 1977 to August 1978―were recycled in December 1978 as fresh share capital for the 19 holding companies.
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Coupled with an overvalued Turkish lira, all this has served to push up the import bill.
Financial markets appeared to be relieved that the election had been called after weeks of bluster and uncertainty that have pushed the currency, the lira, to all-time lows and increased Turkey's already huge debt service.
If booking via TAL's Web site, expect to pay anywhere from 106 new Turkish lira (about $73, at 1.46 lira to the dollar) all the way up to 646 lira ($443) round trip.
Income tax would tumble: those earning less than 22m lire a year would pay none at all; those in the top band would pay a third less than now.
The Australian dollar, the New Zealand dollar, the Brazilian real and the Turkish lira were all marked down during the market squalls, particularly against a resurgent yen.
The Brazilian real, the Indian rupee and the Turkish lira have all risen by more than 10% against the euro since mid-December.
These problems, combined with a war on its eastern border, have sent the Turkish lira to an all-time low against the dollar.
During two hours of uncertainty over Mr. Dervis's position, the lira hit an all-time low of more than 1.7 million to the dollar, although analysts hoped the currency would strengthen after Mr. Dervis confirmed in a written statement that he had agreed for his resignation "not to be put into effect".
It has now given a six-month reprieve to holders of bearer passbooks, which, although generally used by unsophisticated savers, are also an easy means of transferring money illicitly.An anti-laundering law enacted in 1991 put a limit of 20m lire (about €10,000) on all cash transactions, but set no penalties for passbooks containing sums above that amount.
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