Word: peso
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Inevitably, with government spending running at $23 to $25 million monthly and receipts down to $9,000,000, Castro has turned to the printing presses. Money in circulation has doubled in 22 months of Castro. The peso, once worth $1, is down to 28? on the realistic black market, and Cubans with savings are on a buying spree to convert their depreciating currency to furniture, jewels, paintings, anything of value. They wonder, though, how long the government will allow them that freedom...
...costs of the revolution, Che has printed enough Cuban currency to increase the amount in circulation by 62%, to 800 million pesos. The peso, nominally worth $1, has depreciated to 52? on the New York market. In the space for the National Bank president's signature, the new bills say simply "Che." (AntiCommunist Cubans put a small cross before the Che, making it cruz-Che, which pronounced rapidly sounds like Khrushchev.) When Che took over the bank, he found that its gold and dollar reserves were deposited in the U.S. He transferred them to Switzerland...
...change tax laws to catch wealthy tax dodgers who, he claims, cheat ed the government of $65 million last year - enough to pay for a year's educa tion for 1,000,000 Filipino children. His biggest reform was to institute a "con trolled decontrol" of the peso designed to create a free currency market within four years. Under his new regulations, import ers of "essential goods" get their dollars at more favorable rates than those who bring in Cadillacs and air conditioners...
...where he brought the warring Liberals and Conservatives into a united front that eased Rojas out of office without a fight. Now midway through his four-year term, he has put across a belt-tightening stability program, cutting the foreign debt from $400 million to $170 million, holding the peso steady...
...Bite. INRA's charter, Latin America's most drastic land-reform law, authorizes the expropriation, for 20-year 4½% Peso bonds, of all land holdings greater than 995 acres, except sugar, rice or cattle farms, which may be as big as 3,316 acres. In practice, INRA agents, who outrank even rebel army officers, have seized whatever farms they pleased regardless of size, and no bonds for payment of the farms have yet been printed...