Business: Free Enterprise for Franco?

In Madrid, the jittery trading on the Bolsa (stock exchange) last week reflected the seriousness of Spain's financial crisis. Fortnight ago, stocks plummeted in the worst crash in Franco's 21-year regime. Some fell as much as 50% in a week, and the average of 99 selected stocks was down 7.5%. The market recovered somewhat, but last week started down again, and trading was so feverish that the Franco-controlled paper Arriba cried: "The Bolsa has become a roulette wheel."

In an effort to restore confidence, Franco issued a rosy and unsolicited statement of 1,600 words...

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