Italy has also suffered from abnormally high costs of production due to obsolete machinery. the inadequacies of the tax and fiscal systems. high interest rates. high amortization requirements on loans and the maintenance of excess workers on the pay rolls. There is also a great scarcity of investment capital due not only to limited resources but to fears regarding the future political and economic conditions in Italy and in Europe. In addition there has been a marked decline in invisible income from shipping. tourism and emigrant remittances. If Italy is to go beyond mere relief and reconstruction of war damage to a genuine recovery program. the strong internal policies being taken by the De Gasperi government must continue to be supplemented by temporary outside assistance in the way of dollar credits. The Italian people have shown extraordinary industry and. as you all know. on April 18 of last year. 94 percent of the registered voters of Italy went to the polls and gave a resounding and stirring rebuke to the forces of Communist oppression.
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emigrant