Word: bolivia
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Dates: during 1950-1959
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...struggle to pull Bolivia's economy back from the brink of ruin. President Hernán Siles Zuazo has had solid cash backing from the U.S. One day last week, surrounded by members of his Cabinet. Siles strolled through the sunshine from the presidential palace to the Congress building. There, in the first state-of-the-nation speech since his inauguration a year ago, President Siles made the unusual gesture of giving heartfelt public thanks...
Siles gave full credit to Bolivia's economic-stabilization program (based on the recommendations of U.S. Economist George Jackson Eder) for saving the country "from disaster." He pointed to the help that Bolivia is getting in U.S. technical cooperation for health, education, agriculture and roads. Siles put U.S. dollar help at more than $23 million for the fiscal year-plus an emergency $2,000,000 for Bolivia's drought-parched farm areas. He praised the "evident spirit of international cooperation" demonstrated by the $25 million currency-stabilization loan granted last December by the International Monetary Fund...
...nonprofit corporation, the Foreign Bondholders Protective Council, began working out agreements with the Latin Americans, cutting interest rates drastically and accepting token settlements on back interest. Bolivia, the 15th and last of the governments involved, announced last week that it will resume interest payments this summer on $56 million in old bonds. Rates will start at 2% and move up gradually to 3% by 1964. A sinking fund will be started to buy up the bonds in the free market or pay them off by lots at par-$1,000 plus $100 settlement on back interest. It was a lean...
...month mark on a soul-trying stabilization program, Bolivia took a look around last week to see if the stern anti-inflation measure was actually working. By most of the signs, it was. But with rumblings from labor on the rise, the question now is how much longer the nation would keep taking the medicine...
This was gratifying news for President Hernán Siles Zuazo, who has backed the program with everything from a hunger strike to threats to resign, and for George Jackson Eder, an old Latin America hand who left International Telephone & Telegraph Corp. to supervise Bolivia's National Monetary Stabilization Council. But Juan Lechin, executive secretary of the powerful workers' confederation, was looking out for labor and labor alone. At the confederation's second congress last week, he burst into an impassioned defense of the featherbedding privileges that the workers took for their own after bringing the Nationalist...