Word: madrid
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Dates: during 1980-1989
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...Madrid fulfills a pledge...
...towns from Prime Ministers. Less a wonder is that these people sometimes grow hard around the heart; when you've seen one mutilation, you've seen them all. Still, as Arthur Koestler wrote of the war in Spain: "Anyone who has lived through the hell of Madrid with his eyes, his heart, his stomach, and then pretends to be objective, is a liar...
...billion, and only last summer it tottered on the brink of national bankruptcy. Now, however, the country appears to be making some headway toward dealing with the debt, which is expected to cost $10.5 billion in interest payments this year alone. The new government of President Miguel de la Madrid Hurtado, which was inaugurated in December, has begun an austerity program aimed at slashing Mexico's huge budget deficit, halting unnecessary government spending programs and slowing its virulent, 116% inflation. If the world economic recovery continues, Mexico may be able to step back from the brink. Says Finance Secretary...
...Madrid began the belt tightening by devaluing the peso immediately after taking office. At the same time, he adopted very strict measures to bring down inflation. The goal is an annual rate of 55% by year's end. Consumer interest rates were increased from 40% to 70% per year, gasoline prices were doubled, and a 15% value-added tax was slapped on all but the most essential goods...
...strategic reserve oil purchases from Mexico, $1 billion in short-term funds to tide the country over, and another $1 billion in credits for such commodities as corn and beans. The International Monetary Fund gave promise of support but in return demanded the austerity program that De la Madrid has put in place...