Word: pesos
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Dates: during 1960-1969
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...Ministers of the Interior. Three Ministers of Foreign Affairs. Four Defense Ministers. Three Economics Ministers. Five War Secretaries. Four Navy Secretaries. Three Air Secretaries. Five Treasury Secretaries. And an economy in a mess. The number of Argentine bankruptcies increased 46% last year, the cost of living rose 50%, the peso dropped 67%, and the gross national product actually slipped 3.9%. Argentina's wheat crop and meat production-the country's two main exports-finished disappointingly low, and the nation's balance-of-payments deficit soared to $320 million. Argentina's total gold and foreign exchange reserves...
...that had already been committed to the Dominican Republic. Private industry in the U.S. and other countries agreed to send in missions to assay investment opportunities. And he does have a stable currency to build on. Last year, under diligent prodding from the provisional government, the country's peso gained 20% in value. Still, for all his travels and talking, Bosch is far from having all the money he needs to carry out his campaign promises...
...brothers hung on grimly, traveled to Acapulco, Monterrey, Guadalajara and beyond to get their merchandise. They sponsored a television show called The 64,000-Peso Question, used some air time to whip up public opinion. The turning point came when the Arangos opened two new stores. ''They knew then," says Jeronimo, president of the chain, "that we weren't any fly-by-night operation. We were in business forever...
...quick payout with about a three-year ceiling"-that is, a return of 337% on invested capital. But in recent years, the average return achieved by U.S.-owned companies in Latin America has dwindled to 9% v. 15% in Europe. Prime reason for this is inflation: Argentina's peso is now worth only one-eighth what it was five years ago, and Brazil's cruzeiro has dropped by two-thirds in less than two years. This means that companies must earn almost astronomical sums in present-day money to cover the real costs of their original investment...
Countries sometimes wear their troubles more lightly than the statistics or the headlines indicate. In uneasy Argentina. the cost of living is up 58% this year, the peso down 60%. But it is summer in the Southern Hemisphere, and in Buenos Aires the days are blazing and the nights sticky. The place to get away to is Mar del Plata, Argentina's favorite Atlantic resort, 250 miles south, and last week the annual migration was in full swing...