Word: cordoba
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...desperation buying, they emptied store shelves of anything that was for sale. Merchants knew too. Many of them closed their doors, preferring to be stuck with rotting merchandise rather than the worthless currency known derisively as "piggies." When the government of President Violeta Barrios de Chamorro officially devalued the cordoba last week to a stratospheric 25 million to the dollar, most Nicaraguans were simply glad the waiting was over...
...Nicaragua too the economy will not wait. Within 48 hours of taking office on April 25, Chamorro felt compelled to devalue the cordoba, doubling prices and intensifying an already raging inflation (1,700% last year). She also must cope with 25% unemployment and an $11 billion foreign debt. Says U.N.O. spokesman Luis Sanchez: "If we don't receive even a minimum amount ((of U.S. aid)) immediately, the situation will become catastrophic. We might as well call up Daniel Ortega and give him back the country...
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...