Word: exporting
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Dates: during 1960-1969
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Most people in Uruguay really could not accept that they had had too much of a good thing, and were faced with shattering economic collapse. They reminded each other proudly that beef export is up, chose to forget that wool export, the country's other major product, is generally down. Despite the fact that as much as 50% of a man's salary may be withheld against social benefits, and that much of this withholding is illegally used by capital-starved companies, politicians anxious to please the people called for more benefits...
Frei (pronounced fray) had no illusions. "The facts cannot be cloaked," he said. Chile's foreign debt is $2.3 billion, with amortization and interest alone swallowing 50% of export earnings. Gold and dollar reserves are down to a scant $160 million. And then there is inflation. "My great enemy," groans Frei. "From last November to this November it climbed 47%. This cannot...
...control of all the country's most important unions, bowed even further by promising the unions joint control with management in running the nationalized tin mines. In the past when the miners had such a voice, they featherbedded costs so high that Bolivia was no longer able to export tin at a profit...
Winging into London to promote a Soviet film festival, auburn-haired Soviet Cinemactress Natalya Fateyeva, 25, speedily shaped up (36-25-37) as the most popular Russian export since caviar. Ounce for ounce, it also developed, she was in the same price league. Offered a small role in Paramount's production of Moll Flanders, she allowed as how she was "very flattered." However, she is already earning $75,000 a year, and "for $6 a week I get a luxury flat in Moscow and a beautiful country cottage. I have my car, my three fur coats...
Result: Britain's trade gap topped $1 billion in this year's first nine months, and the country has been heading toward a 1964 payments gap almost equal to its entire gold reserves. Throughout the postwar era, Britain's inability in periods of domestic prosperity to export enough to pay for its imports has meant recurring payments crises, pressure on the pound, and credit-tightening moves that have restricted economic growth...