Word: ecuador
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...Bank Note Co. is a staid old institution that makes money by making money. The oldest and richest of the three U.S. firms that still print bank notes, it is a sort of job-lot treasurer that churns out paper money for 55 nations around the world, including Colombia, Ecuador, Brazil, Mexico, Egypt and Guatemala. From its presses last year 25 million stock certificates and 7.5 million bonds, all the travelers' checks for American Express and four other firms, corporate checks for more than 2,000 of the nation's largest firms, and postage stamps for 65 nations...
Calling the Tune. With a $5,000,000 Alianza credit, Arosemena's government is underwriting an industry-luring program that includes tax exemptions. During the last month, more than 20 small foreign companies got approval of their plans to invest in Ecuador. The government passed a more equitable income tax law, and hopes to eliminate a welter of other tax laws that permit Congress to allot 48% of total federal revenues to "autonomous agencies" such as the Red Cross, universities, private schools and sports clubs. The government is moving ahead with a program to push roads into lush...
When he donned Ecuador's presidential sash in November 1961. Carlos Julio Arosemena's chances of wearing it long seemed woefully slim. Of his country's last 20 Presidents, only three served full terms. He himself was the playboy offspring of a rich Guayaquil banker, and rode into the vice-presidency in 1960 on the coattails of President Jose Maria Velasco Ibarra. He got the top job after Velasco Ibarra proved powerless to curb runaway inflation and left-led strikes, and was turned out by the military. Once in office, Arosemena baffled his countrymen by his politics...
...greatest doubts about Ecuador's President arose because of his well-documented reputation as a binge drinker who at times embarrassed his nation. At first, occasional two-or three-day toots drew little attention. Then during his state visit to the U.S. last year, Arosemena managed to show up wobbly at a private chat with President Kennedy. Some months later, when Chile's dignified, austere President Jorge Alessandri visited Ecuador, Arosemena nearly collapsed as he tried to give his guest the traditional abrazo at the airport, then insisted on conducting the brass band. At cocktails, Arosemena saw that...
...fact is that Arosemena sober has done a surprisingly good job with Ecuador's backward economy. One-third of the country's 4.7 million people are Indians living under conditions little better than their Inca ancestors; the average per cap ita annual income for all Ecuadorians is just $167. From 1956 through 1961, the country's gross national product inched ahead at a painfully slow 1% a year. During the Arosemena administration, it jumped to 2.5%, still less than the annual population increase of 2.8%, but at least a move in the right direction. Banana ex ports...