Word: argentina
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...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 took office last July, to announce yet another rescue plan, the fourth in Menem's tenure. The challenge: to dispel the worst outbreak of hyperinflation in Argentina since...
...cobbled is intended to stop the rush to convert australs into dollars and force down the prices of goods. To achieve that, the government has promised to end its frenetic minting of money to finance decades of chronic deficits; no more australs will be printed until the level of Argentina's hard-currency reserves rises. If that promise is kept, it would amount to a tight leash on the inflationary money supply...
...honor many other austerity pledges. He had promised to rid the swollen Argentine government of scores of money-losing businesses and to make the country's bloated public sector more efficient, presumably by trimming its size through layoffs or attrition. But Menem, a Peronist whose political base is Argentina's powerful labor movement, has not had the stomach to set the stage for a confrontation with the country's blue-collar workers by carrying out those plans...
Economic instability in Argentina inevitably brings worries that the military, which ran the country with brutal inefficiency from 1976 to 1983, might hanker for another turn at power. Those fears were heightened last week when the army chief, General Isidro Caceres, warned that "the army is worried about the economic situation." For Menem, the best way to keep the soldiers at bay and serve out his full six-year term would be to set a course for economic stability and then hold firm to it. In Argentina that is no easy task...
...postwar German government did not press the Nazis' claim, but seven other nations with histories of Antarctic exploration -- Argentina, Chile, France, New Zealand, Britain, Norway and Australia -- maintained that parts of the continent belonged to them. Some of the claims overlapped: Chile, Britain and Argentina, for example, all declared their ownership of the Antarctic Peninsula. The U.S., while making no claims, refused to recognize those of other nations and organized numerous expeditions, including the largest in Antarctic history. Mounted in 1946 and called Operation Highjump, it was a naval exercise involving 13 ships, 50 helicopters and nearly 5,000 service...