Word: lusinchi
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Dates: during 1980-1989
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Like Argentina, Venezuela has fallen behind in paying interest on its $34 billion debt. The country has refused to accept an IMF austerity program to get new loans, and the Venezuelans are relying on oil revenues to pay for vital imports. Jaime Lusinchi, who became Venezuela's President in February, vowed that his government "will pay back every cent it owes," but said that he would not submit to repayment terms that "impede the progress of the country...
Since his flashes of pique began a year or so ago, Shultz has grown ever more peevish. In Venezuela earlier this month for President Jaime Lusinchi's inauguration, he ran into Richard Stone, Reagan's Central American envoy. "Fancy meeting you here, Dick. Don't you have enough funerals...
...part, Caldera and his U.S. campaign adviser, David Garth, spent an estimated $150 million in a vain effort to make voters forget the past shortcomings of the Social Christians and concentrate on the future. The result: not only did Lusinchi win a projected 57% of the 7.7 million votes cast, vs. 34.5% for Caldera, but Actión Democrática also gained comfortable majorities in both houses of Venezuela's 249-member Congress...
Facing up to the debt crisis will be the sternest test for Lusinchi, a pediatrician who has spent 40 years working for Action Democratica, chiefly as a quiet but effective grass-roots organizer. Though he is a populist by inclination, he will confront the need to administer a stiff dose of austerity after taking office next February...
...most immediate challenge: rescheduling $18.4 billion in short-term debts that come due over the next two years. Despite the magnitude of that task, Lusinchi insists, "we will not shy away from any effort, no matter how tough...