Word: pesos
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Dates: during 1980-1989
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South Padre Island began catching on with youth in 1982, as the decline of the peso spelled economic disaster for Mexican owners of the island's high- rise condominiums. Many of these units went on the market as short-term rentals. Thus for much less than the $140 price of a cramped hotel room, students can pool their resources for a two-bedroom luxury suite. Because it is only a 30-minute drive to the Mexican border, South Padre Island has benefited as more states raised their drinking age to 21. Last week chartered buses delivered revelers to the cantinas...
...political process has already ensured that the September 1988 presidential election will be a triumph for the party. Even so, cracks are visible in the organization's monolithic foundation. Mexico's economy has been devastated by plunging oil prices, a crushing $100 billion foreign debt and a sharply devalued peso. The crisis has forced the ruling party to impose tough austerity measures that have strained party loyalty. Suddenly the political vogue in P.R.I. circles is to speak of "democratization" and "liberalization," code words that reflect popular pressure for a more open electoral process...
...hard-luck Mexicans, 1987 is already a year that many would like to forget. Last week the peso crashed through the once unthinkable barrier of 1,000 to the dollar, a sharp signal of plummeting confidence in the country at home and abroad. Foreign banks have balked at extending new loans to keep the economy afloat. To make matters worse, with national elections 18 months away, the scramble to succeed President Miguel de la Madrid threatens to paralyze his government until a new President is chosen...
...years ago the exchange rate was fairly stable at 23 pesos to the dollar. Last week the peso closed at 1,009. After years of devaluations, caused in part by a soft oil market and a growing trade deficit, the latest slip in the peso did not surprise economists. And the end is not in sight: most experts believe the peso will fall to 1,800 by year's end. Three-digit inflation is expected to continue. On Feb. 1 the postal service doubled its rates overnight without warning. A majority of the 20 million-member work force reportedly earns...
...lure of fast cash is powerful in a county battered by 34% unemployment. Like other border areas, Starr depends on commerce with northern Mexico, and the peso's plummet has forced some stores to close. Yet overall retail sales are up 10%, and bank deposits have leaped 198% in five years -- a cash transfusion that Customs officials attribute to the dope flow. The new money, concedes Mayor Jose Saenz of Roma-Los Saenz, a border town of 3,700, "indirectly benefits us all." That touch of prosperity, according to Customs Agent D'Wayne Jernigan, has "created a wall of reluctance...