Leo Valiani and Enrico Cuccia: Iran in the 1950s

This essay details Leo Valiani's mission to Iran in 1952–53 on behalf of Mediobanca, in order to identify opportunities to promote investments for the development of both the country itself and Italian exports. The events are reconstructed through Valiani's correspondence with Enrico Cuccia (Mediobanca's CEO). A new picture of Valiani as banker emerges, effective on the ground, but also a subtle observer of local situations and prospects. The documents discussed herein highlight certain weaknesses in Mosaddeq's policies, mainly the weak relationship with the heads of finance. The oil dispute between Mosaddeq and the British and the coup orchestrated by the latter in collaboration with the Americans in order to bring down Mosaddeq's government complicated the picture so that every form of co-operation had to be postponed.