Word: chiles
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...estimated 60%. The reason: in an effort to buy political support, the government increased the money supply by 115% last year, and is doing the same in 1972. The black-market rate for escudos has now reached 300 to the dollar, more than six times the official rate. Chile's foreign exchange reserves have been used up, and its nationalized copper mines have been cut off from traditional lines of international bank credit. The economy limps along through deficit financing and aid from Communist countries...
Allende blames the U.S. for many of Chile's problems, particularly the drying up of Santiago's credit lines. But most international banks consider Chile a poor risk. To help keep its economy afloat, Chile has deferred payment on its foreign debt of some $2.5 billion, including more than $1 billion...
Ponto spent his early childhood in Ecuador and Chile, where his German father ran an export-import business. After the war he studied at Göttingen, Hamburg, Zurich, Cambridge and the University of Washington, where he did half a year of graduate work in international law. He joined Dresdner Bank in 1950 "out of curiosity about figures," and by 1969 made it to chief executive...
...drug matters, the U.S. has been receiving close cooperation from Yugoslavia and even Bulgaria, but State Department officials gripe that "it's damned hard to get an Italian or a Belgian even to think about pollution, let alone drugs." In Latin America, only Mexico has been really responsive. Chile has flatly refused to help...
UNCTAD is a case study in proliferation. It began as a trade conference in 1964, mainly for the benefit of the less-developed nations, and has since held only three conferences, the last one a five-week affair last spring in Santiago, Chile. So far, UNCTAD has written a convention recommending that developing countries be given increased trade preferences, and in 1968 concluded an international sugar agreement. Though its record is modest, UNCTAD has its own secretary-general, external relations division, office of administration, information unit, technical-assistance coordination unit, research division, trade expansion and economic integration division, commodities division...