Word: escudos
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...result of the deteriorating economic situation, the Chilean escudo has slipped to an exchange rate of more than 40 to the dollar on the black market (v. 14.5 at the official rate). Since December, Chile's foreign reserves have dropped from $332 million to $255 million. As foreign technicians have left the country, discipline at the mines has fallen steadily. At the giant El Teniente copper mine, absenteeism has increased from 7% last year to more than 25% in February, while copper production at some mines is running 20% behind last year...
...sunny afternoon and wearing a donkey tail. But other Chileans panicked at the news. Fearful of a stampede of scared investors, the Santiago stock market closed for a day for the first time since 1938, and depositors withdrew massive funds from Chilean banks. The black-market rate for the escudo soared to as high as 50 to the U.S. dollar-as compared with 14.5 at the official rate and 21 at the unofficial pre-election level. The U.S. consulate was swamped with calls for information about visas...
...from the New World by the Spanish, according to one expert, at least 5% -$400 million worth-was lost in shipwrecks on the way home. The actual value of all the lost loot is infinitely higher, since some 17th century coins and jewelry fetch huge prices; a single Spanish escudo can bring as much as $1,200 on the rare-coin market...
...Latin American spiral is largely the result of instability in the peso, escudo or cruzeiro, which in turn increases import prices and wrecks wage levels. In economically advanced nations, however, the increases are a penalty of unpoliced success. Expanding industrial output in the postwar years, these nations tried to avoid labor shortages with higher pay, more overtime and lavish fringe benefits-until wages finally outpaced production. At the same time, increased consumer spending competed for a relatively stable supply of goods and steadily pushed up prices, particularly of food. Britain slowed its spiraling cost of living by instituting...
...lands, and Chileans are still repairing the $400 million damage from catastrophic earthquakes 2½ years ago. Chile also shares some of the woes common to most of her neighboring republics-inflation, government deficit spending, and a serious trade imbalance that recently forced the devaluation of Chile's escudo currency...