Word: pesos
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Dates: during 1980-1989
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...high-risk maneuver to boost exports and slow the drain on the country's financial reserves, López Portillo's finance secretary, David Ibarra Muñoz, last month orchestrated a 40% devaluation of the Mexican peso. Unfortunately, the action has done little yet to ease any of the economy's underlying woes. Last week Muňoz resigned, to be replaced by Jesus Silva Herzog, a Yale-educated economist and close friend of Miguel de la Madrid Hurtado, López Portillo's hand-picked presidential successor when nationwide elections are held in July...
Viola's brief reign was a general disaster. Though Argentina was already in serious economic trouble when he took office last March, Viola led his resource-rich country into the worst economic crisis in its 165-year history. Successive government currency devaluations have plunged the Argentine peso from 2,000 to the dollar to 10,000 to the dollar. Inflation is raging at 120%. As much as half of the country's industry has come to a standstill, and some 13% of the work force is unemployed. An estimated 2.2 million skilled and professional Argentines...
Higher inflation will put further downward pressure on the weak Mexican peso, which is being artificially supported on the world's money markets by the Mexican central bank. Devaluation would aid tourism, boost exports and help close a large trade deficit. But the last time a Mexican government undertook a major devaluation, in 1976, billions of dollars fled the country, inflation surged to an annual rate of more than 50% and economic growth came to a halt. No Mexican government wants a repeat of the 1976 devaluation fiasco...
...tide these businesses over, the Central Bank is putting together a 5 billion-peso industrial rescue program. Predicts a U.S. economist: "There will come a point when the Philippine government will have to choose between printing money and allowing some major bankruptcies." At that point too, say some government and financial officials, Marcos will have to choose between protecting his cronies and heeding his own economic specialists...
...Economics Minister is trying to re-establish confidence in the peso by abolishing price controls and interest ceilings. In the new economic climate, Argentines are flocking to put their money into banks that pay the highest interest rates. While the economy remains tenuously balanced, Martínez de Hoz told TIME'S Buenos Aires bureau chief George Russell: "We never expected quick results, but in the '80s we are going to reap the fruits of all our measures...