Word: madrid
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Dates: during 1980-1989
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...confusion. Once it becomes clear exactly how the food-export ban and currency controls will be enforced, business will settle down, although perhaps not thrive again. The underlying problem of the jittery Mexican peso, however, will probably remain unresolved until after Dec. 1 at least, when Miguel de la Madrid Hurtado takes over as Mexico's new President. That is a short time in the life of nations, but an eternity for beleaguered shopkeepers on both sides of the Border. -By Walter Isaacson. Reported by Sam Allis/El Paso and Cheryl Crooks/Calexico
...ailing little Seat (a Spanish Fiat) dubbed Rocinante, the newly elevated monsignor and his Communist companion Sancho set out for Madrid, a city that neither has seen for many years. Like Spain itself since the death of the Generalissimo, these innocents hurtle into the 20th century with ingenuous vigor. Feasting on suckling pig in Madrid's toniest restaurant or visiting the Valley of the Fallen, Spain's grandiose monument to its Civil War dead, the compañeros loudly dispute the merits of their beliefs: the Gulag vs. the Inquisition; Stalin vs. Judas; Brezhnev vs. Franco. The priest...
...cutback in government spending. While helping Mexico's credit rating, these steps would also boost unemployment. López Portillo gave no specifics of a new austerity program in his speech. Making unpleasant economic choices will soon be the job of his hand-picked successor, Miguel de la Madrid Hurtado, who will take office in December...
...much to fear if De la Madrid fails to revive Mexico's financial fortunes. Economic chaos in a country that has a 2,000-mile-long open border with the U.S. would inevitably cause problems for the American economy. Warns Rimmer de Vries, chief international economist of Morgan Guaranty Trust Co.: "Mexico and the U.S. are so thoroughly integrated that we have to consider it financially a part...
...plunged 40% in the past month. Complains Store Manager Gaston Lopez: "We used to be busy all day. The four registers never stopped ringing. But I've had to lay off two cashiers, and the other two are working 40-hour weeks instead of 50." Says Wilfred Madrid, a department store owner in El Paso: "My business is off 80%. It's dead out there in the streets, and it's like a morgue here in the store." Last week the U.S. Small Business Administration set up a $200 million loan program for merchants devastated...