Word: peso
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Dates: during 1950-1959
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...Falling Peso. The new plan grew out of Mexico's desperate need for utility expansion. A year ago, the entire nation generated much less power than Chicago...
...rates had long discouraged utilities from expanding. When MexLight began in 1903, it put up dollars and expected dividends in the same coin. But it had to collect revenues in pesos, and the peso, worth about a dollar then, brings only 8? now. The government balked at letting utility rates rise as fast as the peso fell, thus profits sank lower and lower in dollars...
...Mexican government's recent drastic 31% devaluation of the peso (TIME, April 26) caught the country by surprise, but the country's reaction-in soaring prices and roaring protests-has given the Mexican government almost as big a shock. Last week, in his first direct appeal to the people, President Adolfo Ruiz Cortines spoke over radio and TV in an effort to dispel a mood of confusion and despair...
...with the U.S., a slump began in textiles, oil and other industries before the U.S. downturn. On top of that, President Ruiz Cortines cut back federal spending sharply. Recently, however, the government 1) began to spend for public works to check the business decline, and 2) devalued the peso to help boost exports and spur the declining tourist trade...
Tradition in the Making. For years Director Chávez, a successful practitioner himself, would take not a peso for his love and services to the institute. (The law now insists on a nominal salary.) When the ultramodern building, with its walls of white concrete and glass, was opened, it could care for 12,000 patients annually. Dr. Chávez was soon after more money, got 5,000,000 pesos to double its capacity. Now the institute treats 24,000 heart sufferers each year, 1,272 as in-patients in its 150 beds (divided equally among men, women...