Word: argentinas
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...that ended as the '80s began. The 1981-82 recession hit farmers along with virtually everyone else. Their exports were then hurt by the strong dollar and stiff competition from growers in such places as Canada, Europe and Argentina. By 1983 U.S. agricultural sales abroad had tumbled, and land values, which serve as collateral for loans, were dropping fast. The price of Midwestern acreage fell 15% last year and is expected to decline an additional 8% this year. Notes George Irwin, chief economist for the Farm Credit Administration: "The security supporting farmers' loans is disappearing at the same time...
...France, Italy, Argentina and many other nations, tax evasion is a way of life. Their economies and standing in the world are significantly affected by that lack of citizen commitment. "If that ever happens here," warns Egger, "it will be almost impossible to turn back...
...feel the winds of storms." Despite such rhetoric, most of the debtors chose negotiation over confrontation. Mexico persuaded the banks to stretch out its payments on $48 billion in loans, originally due between now and 1990, over 14 years at reduced interest rates. Brazil is seeking similar concessions. Argentina, however, played financial chicken with the banks, coming close to default. A day before one deadline, the country was bailed out by loans from several of its debt-ridden neighbors, including Mexico and Brazil. Argentina finally consented to an economic adjustment program overseen by the International Monetary Fund. In return...
Maria S. de Gosztonyi La Pampa, Argentina...
Uruguay thus became the latest country in Latin America to replace dictatorship with democracy over the past few years. Others include Argentina, Bolivia, Ecuador, El Salvador, Honduras, Panama and Peru. Brazil and Guatemala might join the democratic club next year. In Washington, where Sanguinetti is viewed as a moderate who favors close ties with the U.S., a State Department spokesman praised "the manner in which the elections were conducted...