Business Notes CURRENCY

Oh, that illusory feeling of sudden wealth! For decades, travelers wearied by the blur of borders and time zones have known they were in Italy after being showered with vast sums of lire in return for a traveler's check or two. But that heady experience may go the way of the Medici, thanks to a proposal by the Italian Cabinet to lop three zeros off the lira. Instead of doling out 1,250 or so lire for a dollar, bank clerks would slap down a single new lira and 25 centesimi, or cents. Advocates of the plan say the current huge denominations of lire turn such mundane calculations as balancing a checkbook into nightmares.

The redenomination of the lira may be delayed, however, by Italy's usual political turmoil. Days after the plan was unveiled, the country's 47th postwar government collapsed during a budget crisis. Even so, broad support for currency reform may encourage the new regime to move forward on the proposal.