Word: cordoba
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Dates: during 1980-1989
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Inflation last year skyrocketed to 36,000%. The national currency, the cordoba, is virtually useless; some merchants just price their goods in dollars. Public transportation barely exists. In Managua or along country roads, knots of people wait for buses that may come in an hour, a day, or, if the driver cannot find gasoline...
After years of tottering on the brink of economic crisis, Argentina started sliding into chaos last week. In food riots that erupted in Rosario, Cordoba, Buenos Aires and other major cities, more than 2,000 people were arrested and at least 15 killed. The primary trigger: hyperinflationary price increases that have left even middle-class citizens unable to afford food and other necessities. Inflation for the month of May reached 75%, and is accelerating at a pace that would amount to more than 80,000% for the year. Said David Feldman, news director of Radio Rosario: "It's not just...
...biggest losers have been the people of Nicaragua. Those who have survived the war against the U.S.-backed contras are losing the battle for daily survival. Economic growth has been less than zero during the past two years. In January, with inflation running at nearly 1,500%, the cordoba was pegged at a rate of 10 for each U.S. dollar; today the rate is 1,600 to $1. In Managua outdoor markets are bordered by garbage mounds where malnourished scavengers pick through the debris in search of food. Stagnant waters have become a breeding ground for dengue fever. In rural...
Last week the Managua regime unveiled a desperate strategy to tame Nicaragua's hyperinflated economy. The government replaced the existing currency, the cordoba, which was officially valued at 20,000 to the U.S. dollar, with a new cordoba pegged at ten to the dollar. The monetary shuffle, coupled with drastic price increases, left many of the country's 3.3 million citizens baffled and worried about their purchasing power. A gallon of gas that used to cost the equivalent of 16 cents, for example, now costs $1.50. Explaining the decision to change the currency last week, Economist Mario Arana declared, "Things...
...long-awaited knock on the door finally came for Josef Schwammberger, one of the world's most-wanted Nazi war criminals. The ex-SS officer offered no resistance when Argentine police arrested him at his Cordoba retreat, 536 miles north of Buenos Aires...