What Happened to Europe

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But the incurring of the foreign obligation with its annual interest requirements is only a part of her present difficulties. The embargo on travel all through the war and a 60 WHAT HAPPENED TO EUROPE certain continuance of that embargo for a further year or two costs Italy in her international account not less than $200, 000, 000 a year, while her other source of annual income, the remittance from emi- grants, has necessarily been greatly curtailed because of the return to the colors of a grea...t number of her industrious sons. These emigrant remittances have continued in remarkable volume, but still there is a deficiency there from pre-war figures that is impor- tant in view of the extreme need for something to counter-balance the absolutely necessary payments that Italy must make abroad.
Two of her important exports, raw silk and cheap manufactured cotton goods, have had their market seriously interfered with. The markets for the raw silk were France, Austria, Germany and Switzerland.


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