Word: pesos
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Dates: during 1980-1989
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...higher prices for basic consumption goods. The result of these policies will be further misery for Mexico's hard-pressed lower classes--but not any increase in Mexican economic independence. Mexicans will simply continue to try to find work in this country. Indeed, immigration officials report that the peso devaluation was followed immediately by record numbers of Mexicans trying to jump the U.S. border...
...circumstances. Mexico's economy is staggering in a profound crisis that threatens the country's political and social stability. Inflation is running at 60%. More than half the population is unemployed or working at marginal, unskilled jobs like selling tortillas on street corners. The value of the peso against the dollar has fallen by 80% since the beginning of the year. Teetering on the edge of national bankruptcy, Mexico can no longer meet the payments on its enormous $80 billion foreign debt, the largest of any developing nation, without new emergency loans. The U.S. has become deeply concerned...
...many Mexicans, the govern ment's drastic prescriptions seemed near ly as bad as the disease: the imposition of strict currency controls, an effective freeze on most dollar accounts, sharp price hikes and the second peso devalua tion in six months. Most was Silva Herzog's admission that Mexico was unable to meet current payments on its huge $80 billion foreign debt, among the highest in the Third World. The statement raised the specter of a possible default that would have a domino effect on the international banking system. No one was more concerned than U.S. bankers...
...public confidence waned, Mexicans began converting their national currency into dollars at a rate of up to 25 billion pesos a day. Increased capital flight prompted last February's 40% devaluation. But the government immediately undermined the measure with sharp wage hikes that fueled inflation and led to a new run on the peso. López Portillo, who had earlier vowed "to fight like a dog to defend the peso," was thus obliged to decree a second devaluation on Aug. 6. To complicate matters further, the government froze all foreign-currency bank accounts in Mexico, then announced last...
Dagnino Pastore's solution to Argentina's woes is complex. He devalued the peso, thus encouraging exports and making imports more expensive, and he proposed a program of low interest rates to help the country's manufacturers, whose businesses were failing last year at a rate six times as great as in 1977. To pacify Argentina's politically powerful public employees, he gave out pay hikes of between...