Word: gestido
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Dates: during 1960-1969
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Violent Protests. Pacheco, 48, inherited this situation when he was elevated to his post from the vice-presidency by the sudden death of President Oscar Gestido. A former newspaper editor who relaxes by dropping in on his favorite gym to box, Pacheco opened his campaign for national discipline in a gloves-off spirit. He fired six members of his own Colorado Par ty from their ministerial jobs. Since then, he has replaced all but one man in the twelve-member Cabinet with "good technicians." To halt inflation, which had boosted prices 200% in 18 months and forced five devaluations...
Died. Oscar Diego Gestido, 66, President of Uruguay since last March; of a heart attack; in Montevideo. A former air force general, Gestido was elected to succeed a free-spending nine-man council and save Uruguay from bankruptcy. It seemed a futile hope until October, when soaring inflation and rumors of a coup spurred him to impose a series of stiff reforms, which were greeted by such howls of indignation that he was forced to declare martial...
Last week Uruguay's economic troubles reached such a sad state that President Oscar Gestido declared his fourth devaluation of the peso since taking office last March. This time he used strong medicine: he cut the exchange rate to 102%, for the first time setting it at a realistic level in hopes of expanding trade and restoring confidence in the peso. Sure enough, Uruguayans began flipping their mattresses over and taking their hoarded supply of dollars to the banks to switch them for pesos...
With his devaluation, Gestido finally did what the International Monetary Fund has been urging him to do for months. In the past, Gestido's economic policy stressed self-help over foreign loans, since help from abroad almost always demands austerity measures. Then last March, he made his first shift in policy and appealed to the IMF for help, austerity or not. "The road of isolationism and internal effort," he said in a televised speech, "is too long, painful and perhaps sterile in today's world." Five of Gestido's eleven Cabinet ministers quickly resigned, and when insults...
Noisy Demonstrators. Uruguay's labor unions reacted so strongly to Gestido's austerity program, going on a series of strikes, that Gestido declared a modified state of siege, prohibiting all calls to strike. Dominated by Communists and encouraged by the huge Soviet embassy in Montevideo-Russia's biggest in Latin America-the 250,000-member National Confederation of Workers last week threatened more strikes. As a starter, 145,000 students, teachers and administrative school personnel went on strike, and 18,000 persons poured into downtown Montevideo for a noisy, anti-government demonstration. If matters...