SemiSalt wrote:Something reminded me that there was a time that US Social Security payments were a major source of income for the Italian economy due to the number of retirees there. I think it was during the period of high inflation in the US mid-1980s. Cost of living was much cheaper in Italy.
I dont know how the Euro affect the situation.
I was in Italy in 1085 when the Lira hit 2,000 to the dollar. You could live pretty high on a few $$. Same summer, inflation in Israel was so high that currency controls were in place but restaurants and shops would give you "special pricing" if you paid in USD. As I recall, street price for $$ was about 50% higher than the official, fixed exchange rate. About a month after I left, they issued the "new shekel" with a very rapid exchange for old at a fixed rate. I was left holding a couple of hundred dollars worth of old shekels that became worthless overnight as I was not in Israel at the time and foreign exchange banks would not exchange them once teh new shekel was issued.
ATMs have made foreign travel much less of an adventure.