Word: menem
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Dates: during 1980-1989
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...newly inaugurated president Carlos Menem, riding a wave of public approval, has succeeded in halting the daily price hikes and the accompanying widespread uncertainty about how the average family will pay for its next meal...
After campaigning on a traditional Peronist platform urging higher salaries for workers but offering no real vision for solving the country's economic woes, Menem stunned the Peronist faithful by turning to the leaders of a giant multinational firm (Bunge & Born), a traditional enemy of theirs, to devise the new government's economic recovery plan...
...Argentina the post of Economic Minister has become almost as star-crossed as the hyperinflated economy. The previous officeholder, Miguel Roig, 68, died July 14, just six days after he joined the Cabinet of incoming President Carlos Saul Menem. Roig's successor, businessman Nestor Rapanelli, 60, had been on the job only three days last week when newspaper reports disclosed that a judge in Venezuela had put out a warrant for his arrest in connection with a $6 billion trade-fraud scheme...
Most foreign bankers have greeted Menem's plan with hedged optimism. But since Argentina has failed to keep up its payments to the International Monetary Fund and the World Bank, neither agency is eager to issue fresh credits without some proof of economic progress. "What's announced on paper can be very different from the results," said a U.S. credit analyst...
...stem the government's deficit spending, which reached $9.7 billion last year, Menem plans to increase revenues by simplifying the tax-collection system and increasing levies on exported goods. But most economists believe that Menem's most important task will be to privatize Argentina's inefficient state-owned monopolies, which are losing $4 billion annually. Menem may get the power to do so if the Argentine Congress approves a new emergency law that would give him almost unlimited control over the nationalized companies. But Menem has so far offered no details about his privatization drive. Those particulars are not likely...