Word: peseta
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Dates: during 1950-1959
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Tighten Up. To qualify for substantial foreign help, able Commerce Minister Alberto Ullastres (a former economics professor) flew home from a last round of conferences in Washington and Paris, to start a long list of major reforms. The government decreed that the peseta, which up until now has been subject to at least 13 different exchange rates, would be fixed at 60 to the dollar. Excused for the time being from paying $45 million in foreign debts. Spain would get an injection of $375 million in additional aid from the U.S., OEEC, the International Monetary Fund, private U.S. concerns...
Hope for the Best. With so much to do in so short a time, a little confusion was inevitable, but the Franco regime has a special talent for it. Though the whole world knew about the devaluation of the new peseta, the government forgot to inform its own foreign-exchange institute, which tells the banks what to do. Furthermore, many prominent businessmen and politicians, including the Minister of Industry himself, have gone on record as opposed to the program, and while the government austerity drive against monopolies sounds fine on the surface, it excludes those that really count-the monopolies...
...Devaluating the peseta from 42-to-the-dollar to 58, as well as ending the Spanish government's practice of juggling 13 different rates of exchange for imports and exports...
...Devaluate the peseta and abolish the multiple exchange rates. (Mercury exporters get 31 pesetas for a dollar, tungsten exporters 90. Paris black-marketeers 60. The official rate...
...Franco has looked abroad to the International Monetary Fund for an urgently needed loan. But an IMF team sent to investigate the Spanish economy is expected to report that before qualifying for a major loan Spain must agree to throw less money away on the building industry, devalue the peseta, eliminate multiple exchange rates, possibly open its doors to foreign investment...