Word: menem
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Dates: during 1980-1989
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...situation demanded strong words, and President Carlos Saul Menem did not shrink from using them. In his July 8 inaugural address, Menem urged his citizens to "Get up and walk!" Argentina, he declared, "is broken, devastated, razed. Inflation has reached chilling levels, but we aren't going to administer the decline. We will pulverize the crisis...
Just 36 hours after Menem's address, his administration announced the first steps of "unusually severe, exceptional and emergency" measures designed to break the nation's hyperinflation (114% for June alone) and to restore confidence in its virtually insolvent government. Among them: a 90-day wage- and-price freeze, a 116% devaluation of the austral to 650 vs. the U.S. dollar and an aggressive privatization of most state-run companies. Because the end of many government subsidies will bring unavoidable price increases for some goods and services, all workers will be given a bonus of 8,000 australes...
...early last week, Menem's economic medicine was already showing some positive effects. On Monday the black-market rate for dollars dipped below the official exchange rate for the first time since the austral plan was implemented by former President Raul Alfonsin in 1985, demonstrating credibility in the currency's new valuation. Investors and bankers were favorably impressed by the seriousness of the Peronist leader's austerity plan, which prompted the Buenos Aires stock exchange to rise 6.5% in a single day and sent monthly interest rates down 44 points...
...surprised, if you're traveling outside the U.S. or Canada this week, to find TIME with a different cover than the one on this edition. The cover story elsewhere is about the crisis facing Carlos Saul Menem, the incoming President of Argentina, instead of the Pete Rose gambling scandal. The domestic story on gambling runs in a somewhat shorter form inside the other editions. These changes are only the most prominent features of the increasingly rich and specialized editing that TIME provides each week in 5.6 million copies circulated throughout countries around the world...
...Argentinians have turned their eyes to Menem. But since the President- elect has yet to define a concrete economic plan, the situation seems bound to deteriorate further. Even Argentina's generals, who have never been shy about staging coups before, appear reluctant to intervene for fear of saddling themselves with the blame for economic ruin. "We are in a process of decline," says Federico Zorraquin, president of the Banco Commercial del Norte. "No one knows where it will...