Word: pesetas
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...mood. There is a certain dose of optimism in the country based more on realism than on false expectations. At the risk of some unpopularity, the government has carried out a policy of dealing with real problems, even with a certain amount of harshness. Our devaluation of the peseta and the increase in gasoline prices are examples. This approach has not been unpopular. Quite the contrary: what would be unpopular would be to tell the country the opposite of what is really happening...
...trade deficit are likely to become even more acute. European nations like France may have to devalue their currencies further or simply allow them to weaken so that these nations can help their sick economies while protecting their domestic markets from cheap imports. In Spain, for instance, the peseta fell to a historic low against the dollar last week, and the new Socialist government is expected to let it continue falling. The U.S. will suffer even more if its economy gets out of sync with the rest of the world. Should business and consumer spending pick up quickly...
...sank, in five days establishing four successive post-World War II lows against the Japanese yen. To Washington's alarm, the dollar fell not only against the strong German, Swiss and Japanese currencies but also against some of the world's weakest moneys?the Italian lira, the Spanish peseta, even the Canadian dollar, which earlier had fallen further and faster than its U.S. cousin...
...plunged below $2. It dropped to $1.915 before rising slightly to $1.928 at week's end. The Italian lira has lost 18% of its value since January; it now stands at 806 to the dollar, v. 633 only one year ago. Beset by economic troubles, Spain devalued the peseta by 10% last month. There are strong indications that the French franc may also be forced into devaluation...
...labor force, are jobless. Another 8% or so have had to seek work abroad, and other European countries are now telling their "guest workers" to go home. Rising oil prices have exacerbated Spain's already unhealthy payments deficit. Pressure is mounting for a devaluation of the peseta, which would mean higher prices for imported raw materials and thus more inflation...