Word: echeverr
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Dates: during 1970-1979
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...part of our Bicentennial observance, TIME asked leaders of nations round the world to address the American people through the pages of TlME on how they view the U.S. and what they hope - and expect - from the nation in the years ahead. This message from President Luis Echeverría Alvarez of Mexico is the sixth in the series...
...stubborn 15%-a-year inflation and high foreign debt ($13 billion). A devaluation was also sought by tourist operators, whose business declined 4% in 1975, owing largely to price increases that had made once cheap Mexico City as costly for Americans as many European cities. Said President Luis Echeverría Alvarez: "In the end, there will be more jobs, more production, more exports and more tourism...
...rise sharply in peso terms. In the wake of Beteta's announcement, many sales clerks worked until midnight changing the price tags on merchandise. At the Puerta de Liverpool department store, for example, refrigerators went up 20% overnight, color TV sets more than 30%. To ease the burden, Echeverría has already promised raises for workers, civil servants and pensioners-a generous but inflationary move...
...Mexico City, the government of Luis Echeverría Alvarez has been troubled by the prospect of an economic boycott, principally involving the tourist industry, carried out by American Jewish organizations in the wake of Mexico's vote for the Zionism resolution. Faced with a big drop in the country's billion-dollar tourist business, President Echeverría two weeks ago entertained a group of visiting Jewish leaders at a kosher luncheon (lox, roast chicken, white wine). He said that Mexico voted for the measure only because it was trying to prod Israel into a dialogue with...
...tended to take its southern neighbor pretty much for granted. That day may be over. The discovery of large oil reserves late last year has already enabled Mexico to become an important exporter of oil. But Mexico says it has no intention of joining OPEC, and Echeverría is on record as saying Mexico will sell its oil to whoever wishes...