Word: garcias
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Since he led his populist party to victory in 1985, Garcia, 38, has diminished the power and influence of the country's two major conservative parties. Now Garcia's opponents have an issue over which to do battle and, in Vargas Llosa, a persuasive crusader. "If the government takes control of the financial life of this country, it is going to have such untrammeled power that democracy will become completely destabilized," argues the writer. "Crazy Horse will fall! Crazy Horse will fall!" shouted the audience at Vargas Llosa's rally, using the nickname Garcia has earned because of his penchant...
Shortly after his election, Garcia unilaterally declared an annual payment ceiling of 10% on Peru's $14.5 billion foreign debt. The freed-up funds were then used to subsidize a jobs program, increase wages and cut taxes. As a result, inflation dropped from...
...ensure the country's long-term growth, Garcia asked Peruvian bankers and capitalists to channel funds into local industries. Though private investment increased by 26% in 1986, the economy nonetheless is showing signs of faltering; inflation is expected to reach 100% by year's end. In May rising prices prompted a general strike that shut down most of the country...
...Peru stumbled into crisis, Garcia decided to nationalize the country's ten private banks. With Lima in charge of capital, Garcia argues, loans can be ( channeled to the small businesses and farms that the banks have traditionally ignored. Despite heated opposition from conservatives, the plan is expected to be passed by the 60-member Senate, where Garcia's party and its allies hold 32 seats...
While polls show that about 60% of Peruvians support Garcia's policy, the debate over nationalization has broken the broad consensus that sustained him through his first two years. Already there are suggestions that the right will unite behind Vargas Llosa, but the novelist denies he is seeking political office. "I'm a writer and nothing more," he says. "If this wretched law were suspended in the Senate, I would go back to my study." Few take his demurrals seriously. Vargas Llosa has himself brooded over his obsession with his homeland. "For me," he has said, "Peru is a kind...