Word: peso
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...other time since the 1910 revolution. Frightened by his leftist economic proposals, like forming state enterprises and financing them with freshly printed money, many businessmen quietly transferred funds to safer havens, in Europe and the U.S. Inflation and a declining balance of trade forced Echeverria to devalue the peso in 1976 by about 50%, incurring the anger
...professor and author who spent nearly two decades in public administration before his election to the presidency in July 1976. In the economic field, Lopez Portillo's performance has been quite creditable. By holding down public spending and wages, he has been able to stabilize the erratic peso, slow inflation, reverse the flight of capital and stimulate private investment. After several sluggish years, Mexico's gross national product is now increasing by about 6% annually. Lopez Portillo has also promoted a certain degree of political liberalization, although his Institutional Revolutionary Party (P.R.I.) continues to dominate Mexican politics...
Behind the mass influx are some stark economic figures: half of Mexico's 18 million-member labor force is unemployed; a devalued peso has sent prices there spiraling; the country's 3.5% population growth is one of the world's highest. Says Border Patrolman Michael S. Williams: "They're starving to death down there...
Washington officials correctly point out that so far this year the 'trade weighted" value of the dollar has dropped only about 2% on average against 15 foreign currencies. Major reason: the greenback has been going up against the Canadian dollar and the Mexican peso, the currencies of two of the most important U.S. trading partners. Some economists also argue that the fall of the dollar should help to shrink the U.S. trade deficit by making U.S. exports cheaper and imports more expensive...
...these unauthorized human beings entering the United States in the coming years. Economic conditions in Mexico are so wretched that the United States looks like the promised land in comparison. The vast majority of Mexico's 63 million people earn less than $20 a month; devaluation of the peso has brought on 30 per cent inflation and "effectively halved the incomes of those fortunate enough to hold jobs," according to The El Paso Times. And there seems to be no prospect of a lessening of these pressure, as experts predict that Mexico's population will double within the next...