Business: Trimming the Finnmark

For the seventh time since World War II, Finland has devalued its currency, this time by nearly one-third. In the future, it will require 4.2 Finn-marks, instead of 3.2, to equal a U.S. dollar. The move was received with resignation. Jested Kari Suomalainen, a leading cartoonist: "First we had the minicar, then we had the miniskirt, and now we have the minimark."

Devaluation was the inevitable answer to chronic economic ills. Last year Finland's gross national product was $8.6 billion, showing a mere 2.2% increase over the previous year, and well down from the average 5% growth rate during 1960-65. More than...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!