Word: peso
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Dates: during 1950-1959
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...Cuban peso, on a par with the dollar for 44 years, turned soft; the foreign-money markets knocked it down to 75? or worse. Reason: nobody knew how many fresh green millions Dictator Fulgencio Batista and his cronies had lugged away. Castro's government ordered all $500 and $1,000 bills turned in, decreed that visitors to Cuba could bring in no more than 50 pesos. Canadian Gold Broker John Rogers (TIME, Dec. 15) reported that a Miami lawyer, acting for a pro-Batista exile, was trying to convert 500,000 pesos into bullion...
...years of on-again, off-again negotiations, the status of U.S. military bases in the Philippines remains unsettled. Most heinous of all in Garcia's eyes, Washington had refused to grant him the $100 million he wanted as a stabilization fund for the shaky Philippine peso. (Officially valued at 50?, the peso can be bought almost anywhere in Southeast Asia for a quarter...
...oilmen to develop Argentina's petroleum resources. The first new well came in last week, beginning a program that eventually will save Argentina the $300 million it spends each year for foreign oil, a sum roughly equal to its whole trade deficit. Then Frondizi freed the artificially pegged peso to find its true value, discarded much red tape that distorted and paralyzed Argentina's foreign trade. A fortnight ago, to help shore up the peso and make the economy more productive, U.S. Government and private banks, as well as the International Monetary Fund, announced a $329 million loan...
Chile was in the final phase. Confronted by a 20% budget deficit, a $718 million foreign-trade debt and an unemployment rate of 10%, President Jorge Alessandri's month-old "businessman's government" devalued the currency. Down 18% went the value of the peso, from 837 per dollar to 989, in the hope that such exports as steel and wine, thus cheapened, would rise proportionately...
Said he last week: "We will roll up our sleeves and do a damned good job." The peso promptly firmed to 9.2 to the dollar. One of the Nationals elected to Uruguay's nine-man ruling National Council of Government, Nardone will get his chance to serve as its chairman, which is equivalent to being President. But doughty old Luis Alberto de Herrera, after spending all his life trying to win the government for the Nationals, will not preside over the government. As one of the three minority members of the current council ruling Uruguay in place...