Word: argentina
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...addition, Western arms dealers face an increasingly stiff challenge from the developing countries. "All of God's children are producing military weapons," remarked a U.S. contractor, "so the competition is blistering." New arms exporters crowding into the market include Brazil, Argentina, South Korea, Taiwan, India, Singapore and South Africa. At last month's Paris Air Show, Brazil proudly displayed its new Embraer EMB-312 Tucano, a turboprop military trainer jet that has been ordered by Britain's Royal Air Force. As more countries step up production of military hardware, they are buying less from traditional suppliers. Tokyo's insistence earlier...
...Argentina the post of Economic Minister has become almost as star-crossed as the hyperinflated economy. The previous officeholder, Miguel Roig, 68, died July 14, just six days after he joined the Cabinet of incoming President Carlos Saul Menem. Roig's successor, businessman Nestor Rapanelli, 60, had been on the job only three days last week when newspaper reports disclosed that a judge in Venezuela had put out a warrant for his arrest in connection with a $6 billion trade-fraud scheme...
...situation demanded strong words, and President Carlos Saul Menem did not shrink from using them. In his July 8 inaugural address, Menem urged his citizens to "Get up and walk!" Argentina, he declared, "is broken, devastated, razed. Inflation has reached chilling levels, but we aren't going to administer the decline. We will pulverize the crisis...
Most foreign bankers have greeted Menem's plan with hedged optimism. But since Argentina has failed to keep up its payments to the International Monetary Fund and the World Bank, neither agency is eager to issue fresh credits without some proof of economic progress. "What's announced on paper can be very different from the results," said a U.S. credit analyst...
...stem the government's deficit spending, which reached $9.7 billion last year, Menem plans to increase revenues by simplifying the tax-collection system and increasing levies on exported goods. But most economists believe that Menem's most important task will be to privatize Argentina's inefficient state-owned monopolies, which are losing $4 billion annually. Menem may get the power to do so if the Argentine Congress approves a new emergency law that would give him almost unlimited control over the nationalized companies. But Menem has so far offered no details about his privatization drive. Those particulars are not likely...