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Ordinarily Monsignor Jose Sebastian Laboa, the Vatican's Ambassador to Panama, greets visitors with a tray of coffee and cake. But when General Manuel Antonio Noriega strode into the papal embassy on Christmas Eve, such hospitality was hardly appropriate. The fugitive strongman was agitated, pacing the nunciature's marble floors like a caged tiger. The four aides who accompanied him were carrying suspicious vials of injectable liquids and an assortment of guns. Laboa demanded that Noriega relinquish the weapons. At first he refused, but then he apparently complied -- although a submachine gun was later found under...

Author: /time Magazine | Title: A Guest Who Wore Out His Welcome | 1/15/1990 | See Source »

Economy Minister Antonio Erman Gonzalez called it "a week of economic terror." That was no exaggeration, even in a country where economic scare stories are all too common. Among the latest horrors: a sudden year-end collapse of the value of the austral, which plunged from 1,200 to the U.S. dollar to 2,000 before markets closed for the New Year, and price rises of as much as 100% as rumors circulated that the value of Argentina's national currency might be halved again. Shell-shocked citizens waited for Erman, the third Economy Minister since President Carlos Saul Menem...

Author: /time Magazine | Title: Argentina Run for The Money | 1/15/1990 | See Source »

...found $50 million in an unfrozen account in the U.S., and Washington permitted its withdrawal. Then a snag developed. "Did you ever try to get $50 million in $20 and $50 bills?" asked an American participant in the money roundup. After much scrambling, the Federal Reserve Bank in San Antonio accumulated the cash. The Pentagon supplied a C-130 transport, which was loaded from armored personnel carriers hauling the cash; other APCs awaited the plane in Panama. Deadline met -- barely...

Author: /time Magazine | Title: Panama: Cashing A Check | 1/15/1990 | See Source »

Care for a used dictator, courtesy of the Vatican? Not if he is Manuel Antonio Noriega, replied leaders of Spain, the Dominican Republic, Nicaragua and perhaps other nations last week. None wanted any part of the busted Panamanian strongman, accused drug dealer and alleged black-magic practitioner. Only Cuba showed even a grudging interest in enabling Noriega to leave the Vatican embassy in Panama City, where he had taken refuge from invading U.S. troops on Christmas Eve. "We wouldn't do it for Noriega the man," said a Cuban diplomat. "This would be our way of standing up for nonintervention...

Author: /time Magazine | Title: Panama No Place To Run | 1/8/1990 | See Source »

...Matthews, Gary Roberts, Nancy Smith-Alam, Melanie Stephens, Robert B. Stevens, Eleanor Taylor Photographers: Terry Ashe, P.F. Bentley, William Campbell, Rudi Frey, Dirck Halstead, Cynthia Johnson, Peter Jordan, Shelly Katz, David Hume Kennerly, Neil Leifer, Steve Liss, Robin Moyer, Carl Mydans, James Nachtwey, Matthew Naythons, Chris Niedenthal, David Rubinger, Antonio Suarez, Ted Thai, Diana Walker...

Author: /time Magazine | Title: Time Magazine Masthead | 1/8/1990 | See Source »

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