Word: peso
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...What is Asia to do? As Taiwan's ill-fated committee showed, there aren't a lot of ideas out there. Taiwan has let the value of its currency slip, while the Thai baht and the Philippine peso are trading at six-month lows against the greenback. This makes their products cheaper overseas, which would normally boost exports. But that hasn't happened. Korea and Malaysia are planning fiscal stimulus packages a la Japan. But as Japan's record shows, pumping cash into public works projects is a somewhat expensive way to keep an economy crippled. For the most part...
...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...
Cavallo, 54, is prone to call aides and reporters before breakfast or after midnight. And these days he has plenty to talk about. Cavallo earned Argentines' admiration in 1991 when he pegged the peso to the dollar and tamed four-digit inflation. He's still a hero. In March, when Cavallo became the country's third Economy Minister in three weeks, trade unions canceled a general strike and the legislature granted emergency powers to him and President Fernando...
...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...