Word: escudos
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...turmoil: the British pound, the French franc and the Italian lira also tumbled, and the Mexican peso resumed its free fall until the country's harsh new austerity plan led to a rebound. On top of that, governments were forced to devalue the Spanish peseta, the Portuguese escudo and the Brazilian real...
...skepticism of the Bundesbank is understandable. Its president, Karl Otto Pohl, and his cohort are still wrestling with an unfinished European Monetary System, involving commitments to support newcomers like the Greek drachma and the Portuguese escudo. But those countries, whatever their problems, are going concerns, while East Germany, whatever its potential, is nearly a basket case...
PORTUGAL. YOU CAN AFFORD IT IN PORTUGAL, according to the travel ads. Depending on the it, é verdade! It's true. In the past five years, the escudo has been devalued against the dollar by nearly 90%, making Portugal Europe's greatest tourist bargain for Americans. Escudos apart, the Indiana-size country has always been one of the Continent's most charming retreats, with diversions that include sophisticated casinos and primitive villages, superb beaches, great architecture, hearty meals and good wine...
...role in formulating. The crunch issue was a proposed $1.5 billion loan from a consortium of Western countries and the International Monetary Fund. The conservative opposition accused Soares of yielding too easily to the IMF's insistence on such restrictions as low economic growth (1%), devaluation of the escudo and other austerity measures...
...democratically elected government will have to take some tough measures that may make things worse before they get better. Basket-case industries like textile mills and electronics may be allowed to go under. Further import controls may be imposed, accompanied by a large devaluation of the escudo. "This country has to learn to work again," says Raul de Almeida Capela, a director of the Banco Portuguès do Atlántico. After the two-year political free-for-all, that may not be an easy task...