Word: peso
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Dates: during 2000-2009
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...anyway, began to look like a public relations blunder. What's more, it might scare investors away. Two days prior to the arrest, Moody's Investors Service issued a "negative" rating for the Philippines, due to continuing political instability. Following Estrada's detention, both the stock market and the peso stumbled...
...Estrada was a second-rater, unfit to rule and certainly not one to act in the best interests of the Philippines. And they had their reasons to doubt his policies: Estrada's term in office had been an economic disaster. The Manila Stock Exchange had plummeted 6%, and the peso was trading at an all-time low of 55.75 to the dollar. The business élite had wanted him gone almost from his landslide 1998 election victory; the allegations of corruption and the impeachment trial merely provided the galvanizing issues. Indeed, among the protesters at EDSA last week were students...
...fact, when the People Power afterglow fades and the political Cinderella gets down to work, she may feel like a sweeper following the elephants in a parade. The peso is at a historic low, economic growth is stalled and public debt is at record levels, which is triggering concern at the International Monetary Fund. The Philippine economy, bypassed long ago by the Asian Economic Miracle, might have found a niche in the New Economy, but any such hopes were put on hold by the Estrada debacle, which plunged the Philippines into its worst crisis of confidence since the Marcos years...
...country faces immense challenges. Even before charges were filed against Estrada, sending the peso into a death spiral, economic growth had stalled while debt had soared to record levels, throwing new IMF relief into doubt. Graft and corruption remain endemic in the Philippines, and they were focal points in Estrada's trial. Century-old demands by Muslim secessionists for an independent Mindanao had quieted at the end of the previous presidency, Fidel Ramos', but flared anew under the erratic management of the Estrada administration. But that...
...TIME: Do you feel betrayed by Zedillo? SALINAS: Zedillo did not betray me personally, he betrayed the platform that took him to the presidency. It all started with the peso devaluation in Dec 1994 when Zedillo's government provided inside information to a small group of Mexican businessmen that the devaluation was coming. And in a matter of hours, Mexico lost $6 billion -- half its total foreign exchange reserves...