• Short Summary

    Spain is likely to receive a record number of tourists this summer following the devaluation of the peseta.

  • Description

    1.
    MV EXTERIOR: man printing poster.
    0.08

    2.
    MV: man buying postcards
    0.13

    3.
    GV: traffic in street
    0.19

    4.
    CU: number plates of cars from France, Germany, Italy. (4 shots)
    0.29

    5.
    MV: tourist coming out of bank entrance.
    0.37

    6.
    MV: tourist taking photographs.
    0.40

    7.
    GV: people crossing street.
    0.43

    8.
    MV: newspaper headlines of newspapers on stands (3 shots)
    0.56

    9.
    GV PAN: bank
    1.01

    10.
    MV PAN: exchange rates fall.
    1.12



    Initials RH/0235



    Script is copyright Reuters Limited. All rights reserved

    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.

  • Tags

  • Data

    Film ID:
    VLVAD49ESVDT6OPEH4085TWQCGYAP
    Media URN:
    VLVAD49ESVDT6OPEH4085TWQCGYAP
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    12/07/1977
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:11:00
    Time in/Out:
    /
    Canister:
    N/A

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