Word: peso
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...making for jumpy nerves was evident: Mexico, and the hurdles the Clinton Administration was facing in trying to pull together a $40 billion loan-guarantee package for the battered neighbor. The scare that had afflicted financial markets in the wake of Mexico's debilitating Dec. 20 devaluation of the peso was developing into something more serious: a general skittishness about markets in countries embracing tariff cutting, deregulation and the sale of state-owned assets on the road to modernization. The new, skeptical mood was in fact spreading beyond the Third World to affect countries like Spain, Italy and Sweden, which...
Germany complained today that President Clinton had not consulted adequately with European lending partners in his haste to fashion aworkable peso rescue package. "We would have wished the coordination to have been a little tighter," Finance Minister Theo Waigel told reporters. The International Monetary Fund approved the $17.8 billion plan Wednesday, despite surly abstentions from Britain, Germany, Denmark, the Netherlands, Belgium and Switzerland. "They literally got the proposal an hour before it was announced," says TIME Washington correspondent Suneel Ratan. "It does appear that Clinton has broken a few eggs on the way to making this omelette." U.S. officials told...
...senior Democrats defended the president's move, but some members, such as Rep. Robert Menendez, (D-N.J), complained that Congress had been "shut out." Hard-right Republicans, meanwhile, are calling for an investigation of the Administration's role in Mexico's Dec. 20 decision to devalue the peso. Nonetheless, business leaders almost unanimously praised Clinton's move: International investors said the plan had likely staved off a worldwide financial crisis. Super-speculator George Soros, speaking at the World Economic Forum in Switzerland Monday, said inaction "would have had a knock-on effect throughout the world because investors would...
When House GOP caucus chair John Boehner of Ohio took the floor with warnings that Clinton's peso rescue plan was "unfortunate," Gingrich -- who happened to be meeting with Vice President Al Gore -- took the mike: "I think it was very unfortunate to have a member of the leadership come out when the vice president is here being very helpful and very cooperative frankly . . . The president had the courage to do what he was being told by very sophisticated experts was vital to reinforce international markets...
Little more than a year ago in Chiapas state, the eruption of the rebel Zapatista National Liberation Army triggered national turmoil. Renewed militancy there last month was widely seen as contributing to the wrecking of the peso and the loss of billions of dollars around the world. Whatever the global reaction, in Chiapas the small band of rebels has reason to be awed at the impact of its efforts. Army units were rushed in not only to combat the rebels but also to help improve the life of peasants by building clinics, schools and roads. Government public works projects picked...