SAN MARINO: Losing Gamble

As long as the tiny (pop. 12,000) Republic of San Marino in northern Italy could make money selling its postage stamps to philatelists, it was happy. It also picked up a few dollars from tourists curious to see a nation of 38 mountainous square miles which calls itself the oldest republic (1,650 years) in the world. Nobody cared that for the past six years the Republic of San Marino had been Communist-run, the only Stalinist state outside the Iron Curtain.

Two years ago, when San Marino's freespending Reds ran the country's budget into the red, the Communist government adopted a...

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