Word: chiles
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Samaritanism is not in the regular line of duty at Treasury, but the U.S. is willing to try unorthodox tactics these days to pressure General Augusto Pinochet Ugarte into loosening up his regime. Chile needs cash: this year payments of principal and interest on its foreign debt will total $800 million, or 43% of the country's expected export earnings, and the economy is barely limping along (see ECONOMY & BUSINESS). Yet few outside lenders have been willing to help out in the face of international condemnation-most recently, by the United Nations Human Rights Commission-of detention and torture...
Full Prisons. While the Secretary's mission was extraordinary, there have been some precedents for this kind of trading with Chile. In 1974 the regime freed 117 prisoners in return for a release of phosphate shipments blocked by Mexico, and another 150 were let go in response to a $50 million investment promised by Rumania. Many such deals would be required to clear Chile's jails of the estimated 5,000 to 6,000 political detainees remaining in them. The regime, which has defended its full prisons on the grounds of continuing danger from Marxist conspirators, has begun...
...replaced one set of economic ideologues with another. The Marxists who strove for total regulation of the economy have been succeeded by a group of policymakers known as the "Chicago Boys." Reason: they ardently embrace the free-market teachings of University of Chicago Economist Milton Friedman, who visited Chile for six days last year to counsel them...
Reflecting Friedman's antipathy to government intervention in the economy, Chile has sold many state companies to private investors at bargain prices. The swollen bureaucracy has been slashed drastically to reduce government spending. Some price controls have been lifted. Tariff restrictions are gradually being eased, in the hope that foreign competition will force local industry to become more efficient...
...intent was to throw the economy into an ice-cold bath of free competition-and the result has been to turn business blue. Inflation raged at 340% last year. Industrial production has fallen so sharply that Chile's total output of goods and services last year was 20% below 1974. Unemployment, low during the Allende days of ample government payrolls, is now at least...