Word: beteta
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...Debacle. Finance Minister Ramon Beteta had denied repeatedly that devaluation was coming. When the change came, the public was caught flatfooted. Some drew their bank savings and went on buying sprees. The foreign credit manager of one bank arrived at his office late to find careless clerks doling out precious dollars at the old rate. In the Calle Isabel la Catolica, flooded by recent rains, money changers stood shin deep in water, clinking handfuls of gold coins and arguing prices. They offered six and seven pesos for a dollar and readily went higher. Anxious travelers and others who urgently needed...
...taking the peso off the peg and establishing a natural barrier to unnecessary imports, Finance Minister Beteta did what some of Mexico's sister republics may have to do. Tighter controls would have invited abuse in a country in which political privilege is hard to control. It would have stimulated the already brisk smuggling trade and set up an even more complex bureaucracy than Mexico already has. And it would have created a black market in peso-dollar trading...
...freeing the peso, Beteta hopes to make Mexican exports stronger competitors in the world market, perhaps stimulating Mexico's production. And the favorable position of the dollar would probably revive the lagging tourist industry. But while production might increase, Mexico's ambitious industrial expansion would be slowed down-perhaps a blessing in disguise, since it was getting too hasty to be sound...
Mexico's Ramon Beteta said that the effort to lower tariffs for highly developed and undeveloped countries "is treating unequals with equality." He explained that great industrialized creditor nations should cut their tariffs and yet allow developing nations to impose protective restrictions...
After five months in the presidency, Aléman has not forgotten how to relax and have fun. Sometimes he goes to his house in the play-town of Cuernavaca for a round of golf (85 to 90). Recently he has spent more & more of his weekends at Ramon Beteta's Acapulco house, flying down in his own DC-3 for swimming and fishing. Usually his family is with him-wife Beatriz, .son Miguel, 15, daughter Beatriz, 14; for the present, month-old Jorge Francisco stays in the Mexico City nursery. On Monday Aléman is back...