Word: escudos
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Dates: during 1970-1979
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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...
...black market reflected this mass exodus. Since the Angolan escudo is worth nothing outside Angola (one of Portugal's many exploitations), foreign currency was in great demand by those trying to leave and by the black marketeers who got to the foreigner first. On the day after we arrived, August 24 the highest dollar exchange was 32 escudos--the official rate is 25 to the dollar. But on September 16, the day before we left, the white counter-coup had failed to prevent the independence of Portugal's colony on the east coast of Africa, Mozambique, and one dollar...
...policies. The Allende regime had forced industry to hire unneeded workers; many of them have been fired, adding to Chile's high jobless rate. To blunt the inflationary impact of the artificially swollen money supply-Allende had simply printed more and more currency-the new government devalued the escudo by 58%. That action severely chopped into the buying power of all but the wealthiest consumers. In addition, the junta has largely scrapped Allende's heavyhanded controls on prices, which were kept so low in relation to costs that farmers and businessmen let production plummet for lack...