Word: peso
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Dates: during 1970-1979
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...Lesson. A National Front defeat would hardly do Colombia any good. Lleras Restrepo has done much to cure the financially sick country during his four years as President. He strengthened the peso through tougher tax collection, a drive on inflation and a strong grip on military spending. He also pushed agrarian reform and a birth control pro gram, notwithstanding the Vatican's opposition. Unfortunately, none of this meant much to the peasants, to whom the diminutive (5 ft. 2 in.) Lleras Restrepo appears as a somewhat abrasive and distant technocrat. "The lesson," he said, visibly shocked at the closeness...
...margin of victory in last November's presidential campaign-a feat that they quite reasonably believe could only have been achieved by widespread vote buying. They fear, moreover, that his pre-election spending on roads and school buildings has brought the nation to the brink of bankruptcy. The peso, recently freed to find its own level on the world currency market, has shrunk in value from 26? to 14?. As a result, Filipinos face the unhappy prospect of rising inflation and rising unemployment...
...records in building schools, dams and highways. In the year preceding the election, the money supply was increased by an astonishing 23%. At one point, the government's indebtedness totaled $1.5 billion. Marcos is faced with paying the bills. Hoping to fend off devaluation of the peso and improve a costly payments imbalance, Marcos has imposed import taxes so stiff that the price of a legally imported $3,000 car has risen to $20,000. Government spending has been slashed, and old loans are desperately being renegotiated. Sizable short-term loans are being sought abroad...