Word: garcã
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...bold declaration, the young leader had spawned a new idea: that he and other Latin American leaders had a right to limit the sacrifices of their countrymen. And while bankers have been relieved that no other South American country has yet adopted Peru's guideline, several have followed Garc??a's lead by stiffening their resolve not to let their debt problems further damage either their national pride or their fragile domestic economies...
Despite his rhetoric, Garc??a has successfully imposed an economic austerity program as tough as any the IMF might envision. In his first month in office, he froze prices of consumer goods and rents indefinitely and devalued the sol by 12%. The result: a decline in the annual inflation rate from 192% to 30%. He slapped import restrictions on food and luxury goods and raised the minimum wage by 50%, to about $40 a month, giving teachers a 22% hike and other government workers...
...hallmark of Garc??a's program has been his vigorous attack on inefficiency and sloth. In recent weeks he has been engaged in a running argument with Peru's civil servants, who have resisted his effort to curb the five-hour workdays that have become traditional during the hot months, from January to March. The new President was even bold enough to attack extravagance in the pampered military, slashing an $800 million deal to purchase 26 French Mirage jet fighters back to twelve...
...Garc??a has been less surefooted in dealing with the relentless but ragtag Shining Path insurgency, which has killed more than 6,000 in five years. To weaken the rebels, he has promised new economic aid to the poverty-stricken Andean region where they are based, and created a Peace Commission to establish a dialogue with their leaders. Though it is by no means clear that government programs are responsible, military officials last week reported "a certain tranquillity" in the eleven-province emergency zone in which the guerrillas are most active...
That might be an apt description of Garc??a's first six months in office. But if his greatest gains have been psychological, that is no mean accomplishment. "Peru, once the seat of the Inca Empire, is a country with a history," U.S. Assistant Secretary of State Elliott Abrams told a House subcommittee in November. "What Alan Garc??a has said to his people is that Peru is also a country with a future. He has helped Peruvians to believe that they can better their fate." The test now will be to see if Garc??a can convert the positive...