Word: peso
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...edge of economic collapse. An 11% drop in the price of oil coupled with spiraling interest rates had left Mexico $85 billion in debt and forced international bankers to cobble together an emergency rescue plan. The Harvard-trained De la Madrid instituted a painful austerity program that devalued the peso, sharply curtailed imports and cut government spending, including costly subsidies on basic goods and services. In an effort to stimulate future growth, he sold off some state-owned enterprises and invited foreign investment. Now, halfway through De la Madrid's six-year term, another precipitous drop in the price...
...political skills to defeat an even tougher opponent: Bolivia's ravaged economy. La Paz business groups estimate that the country's annual inflation rate will reach 30,000% this year. One of the new President's first acts was to announce an austerity program that included devaluation of the peso and renegotiation of the country's $4.8 billion foreign debt. ITALY The Mafia's Double Strike...
...have laid his administration open to charges that it is not doing enough to overcome the country's worst urban disaster in decades. In the past two months, an estimated $1 billion to $2 billion has left the country, mostly for the U.S., and the value of Mexico's peso has dropped from 350 to 500 to the dollar...
Mexican officials last week were once again struggling to bring their runaway economy under control. The government slashed the value of the controlled peso, which is used for the purchase of imports, by 20% in an effort to improve the country's trade balance. The new rate: 279 to the dollar. President Miguel de la Madrid and his Cabinet accepted 10% salary cuts, and a host of lower-level officials lost their jobs...
...time of the bailout, Summers weathered heavy criticism from House and Senate Republicans, who lambasted the Treasury Department for failing to anticipate the peso crisis...