Word: peso
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Other aspects of the Let's Go job ended up frustrating Wachtell. Because Let's Go paid when they thought was fair pay to live in Mexico without taking into account the devaluation of the peso Wachtell said she was "living hand-to-mouth. It's a horrible experience...
LATIN AMERICA. American tourists in Mexico are finding that the drop in the value of the peso, from 23 to the dollar in 1980 to about 190 today, has more than offset inflationary price rises. A room in the El Mirador Acapulco that went for $38 last year now costs just $16. The Mexico City subway fare is only one-half a U.S. penny, and 65? pays for a movie ticket. But swank shops in Mexico City's so-called Pink Zone can fool the unwary. For his $50 the tourist may get only imitation Gucci shoes, but real...
...government in Santo Domingo was negotiating the second stage of a three-year program of loans totaling about $400 million. Unwisely, it put into effect many of the fund's prescriptions without warning. Over Easter weekend, it shifted the exchange rate on all imports (except petroleum) from one peso per dollar to a free-market rate of 2.5 per dollar. When Dominicans woke up Monday morning, they discovered that many prices had more than doubled. They reacted in a collective rage, and the government had to call out the army to quell the disturbances...
Marcos did not wait for the final results to announce a series of austerity measures last week, including a 28.6% de facto devaluation of the peso, designed to meet International Monetary Fund conditions for a new loan to the heavily indebted nation (total: $25.6 billion). The President also placed Manila on alert and had checkpoints set up in the wake of two fires and the murder of a police general...
...because he has used his 18 months in office to put Mexico's economic house in relative order. When he took office in December 1982, the Harvard-educated economist inherited a stagnant economy with an inflation rate of more than 100%, unemployment of 8% and a plummeting peso. He quickly imposed a rigorous austerity program and renegotiated the country's short-term loans so as to make interest payments easier. De la Madrid cut the government deficit and sharply reduced imports, especially of luxury goods. As a result, Mexico should enjoy a trade surplus of $9.5 billion...