Word: menem
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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...
...then appointed the selfproclaimed guru of free-market economics in Argentina, Alvaro Alsogaray, to be his leading economic adviser. Ignoring the opposition of the telephone unions, Menem gave Alsogaray's daughter the task of privatizing the state-run telephone company that has for years been ridiculed by Argentines, who have a host of horror stories to tell about how tough it is to make routine local calls...
...Menem also helped restore the battered national psyche by joining world-renowned soccer star Diego Maradona and the top Argentine players in a benefit game to help the poor...
...Menem can successfully implement the necessary economic reforms (privatizing the woefully inefficient state-run enterprises that cause the massive state deficits, allowing the central bank greater autonomy in setting monetary policy and overhauling the primitive system of tax collection that enables economic elites to get a free ride) Argentina will likely recover, though the process will inevitably be very long and painful for the nation...