Word: nicaragua
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WASHINGTON--The House yesterday killed a $30 million package of purely "humanitarian" aid for Nicaragua's Contras that had been pushed by Democrats as a way to ease pressure for future military aid for the rebels...
...basic trappings of 20th century life, such as electricity, gasoline, running water and postal services, are declining or vanishing. Since 1979, when the Marxist-oriented Sandinista regime ousted Dictator Anastasio Somoza, much of the country's economic and industrial infrastructure has fallen into ruin. Under Sandinista rule, Nicaragua's foreign debt has risen from $1.6 billion to $7 billion, while real wages have fallen by 90%. Inflation is estimated at 1,800% for 1987, and some economists believe it could surpass a stratospheric 10,000% this year...
Last week the Managua regime unveiled a desperate strategy to tame Nicaragua's hyperinflated economy. The government replaced the existing currency, the cordoba, which was officially valued at 20,000 to the U.S. dollar, with a new cordoba pegged at ten to the dollar. The monetary shuffle, coupled with drastic price increases, left many of the country's 3.3 million citizens baffled and worried about their purchasing power. A gallon of gas that used to cost the equivalent of 16 cents, for example, now costs $1.50. Explaining the decision to change the currency last week, Economist Mario Arana declared, "Things...
Such defiant sentiments seem to be spreading among Nicaragua's citizens. Three weeks ago, the Sandinista leadership was heartened when Congress cut off new aid to the contras. But contra-Sandinista talks were suspended late last week with no agreement, and most Nicaraguans no longer believe the country is headed toward peace and prosperity. The Sandinistas may have won a political battle on Capitol Hill, but back home they risk losing the war for hearts, minds -- and bellies...
...Shultz heads for the Middle East to talk about peace. -- A Marine hostage in Lebanon. -- An economic crisis grips Nicaragua...