Word: latinities
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...office a mere six months, García has already established himself as one of the most admired and influential leaders in Latin America. Part preacher, part pedagogue, he is praised for injecting new vigor into a crippled government and moribund economy. In addition, he has shaken boardrooms from Wall Street to Tokyo with his defiance of the multinational banks that hold many of Latin America's burdensome loans. His July inauguration made front-page news in Western capitals when he used it to announce that Peru would spend no more than 10% of its export earnings for interest and principal...
With his 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 García's lead by stiffening their resolve not to let their debt problems further damage either their national pride or their fragile domestic economies...
...proof was needed that Latin America's $360 billion debt burden is a time bomb with unpredictable implications, politically as well as economically, it came last week in Argentina, where a visit by retired Chase Manhattan Bank Chairman David Rockefeller touched off the most serious street violence since the country's return to democracy more than two years ago. Rockefeller, whose former employer remains a major Argentine creditor, was in Buenos Aires to discuss Latin American economic development. Seven people were injured and 81 arrested when 1,500 leftist demonstrators hurled rocks and eggs, smashed windows and set fires...
Soon after taking office, Anaya also began exasperating New Mexicans by barnstorming the country as head of Hispanic Force '84, an organization designed to increase Latin influence in the Democratic Party. Nor was he helped by the recession that hit New Mexico as its mining industry, notably uranium extraction, continued to decline. Moreover, the Governor was faced with severe revenue losses caused by a wholesale tax cut enacted the year before he was elected. Anaya was forced to ask for a $97 million tax increase that he had campaigned against, and he quickly found himself at odds with lawmakers over...
...international cooperation. We debtor countries should do our job, but that is not enough. There is a need to achieve more effective economic cooperation. Otherwise, we will continue to go from crisis to crisis. The countries of Latin America have been setting forth these ideas. We have a consultation group, the Cartagena Group, that has pointed out the problems and indicated that they cannot be dealt with on the basis of purely commercial or business criteria, and that since the fate of many nations is at stake, political criteria should be taken into account. I believe such ideas are gradually...