Word: pesos
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Dates: during 1960-1969
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...government agencies and state-run businesses went an order to fire all workers who sign up for the airlift. To make life doubly difficult and possibly discourage any more Cubans from signing up to leave, the Communists also announced that before departing, would-be exiles must return every peso withdrawn from their bank accounts since Sept. 28-the date of Castro's "open door" speech...
...brink of bankruptcy. The country is rich in wheat and beef but hardly rich enough to afford such goodies as 100% pensions at age 55, a 30-hour work week, and 44 days of paid vacation each year for many workers. And so in the past five years the peso has skidded from 9? to 1.6? on the free market (the official rate has been abandoned altogether). Thus far this year, inflation has soared 45% while the foreign debt has grown to a staggering $515 million...
...told, rocketing prices and shortages of every kind have cut the value of the Cuban peso by one-third since Castro came to power. "The typical industrial worker," says one observer in Havana, "has thus gained nothing and lost much by the revolution. If he was earning $225 a month before, he was able to look forward to buying a refrigerator, television set or even a car. Now all these things are shut...
...gigantic octopus that today is drowning in its own ink. To meet rising annual deficits, the government simply has printed more money, has run the foreign debt to an unwieldy $500 million, of which $80 million is already overdue this year. Largely as a result, the once-proud peso in the past five years fell from 9? to 1½ and the cost of living quadrupled...
Economy Damage. For all this appearance of detachment, the little republic was beginning to feel a deeper deterioration of the already troubled economy. The revolt closed major banks in Santo Domingo's rebel zone, thus hobbling the flow of credit throughout the country. A peso shortage cut down business outlays and salaries, and government tax collections dropped from $15 million to $5 million a month. To help out, the U.S. is putting cash in the hands of laborers through $6,416,000 in emergency grants for road and irrigation projects. That is at best a stopgap move. The country...