Word: pesos
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Dates: during 1980-1989
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Marcos did not wait for the final results to announce a series of austerity measures last week, including a 28.6% de facto devaluation of the peso, designed to meet International Monetary Fund conditions for a new loan to the heavily indebted nation (total: $25.6 billion). The President also placed Manila on alert and had checkpoints set up in the wake of two fires and the murder of a police general...
...because he has used his 18 months in office to put Mexico's economic house in relative order. When he took office in December 1982, the Harvard-educated economist inherited a stagnant economy with an inflation rate of more than 100%, unemployment of 8% and a plummeting peso. He quickly imposed a rigorous austerity program and renegotiated the country's short-term loans so as to make interest payments easier. De la Madrid cut the government deficit and sharply reduced imports, especially of luxury goods. As a result, Mexico should enjoy a trade surplus of $9.5 billion...
...welling up from the assassination of his chief political rival. President Reagan canceled his plans to visit the Philippines, and the estranged Philippine business community was only reluctantly taking steps to help Marcos out of a gathering financial crisis, which last week led to a 21.4% devaluation of the peso. From a former U.S. Ambassador to both Iran and the Philippines, meanwhile, came a blunt warning that the struggle to replace Marcos could become a replay of the Iranian revolution...
...upset reflected popular discontent with the often cynical and lackluster PRI leadership. It was also a sign that Mexicans have become impatient with the stringent austerity measures that President Miguel de la Madrid imposed to restore health to Mexico's anemic economy. The peso lost more than three-quarters of its value last year; inflation is still running at 80% annually; and unemployment or underemployment has reached 35%. These problems tend to have more of an impact on Mexicans who live in the northern states, closer to the U.S. border. The PAN, a center-right party that generally favors...
Europe, of course, is not the only beneficiary of American savings accounts. Mexico, thanks to the devalued peso, is still attracting record numbers of tourists; at resorts from Cancun to Acapulco, many of the hotels are booked solidly through summer at bargain rates. One of the top tourist attractions this summer is Jamaica, stable again after several years of political turmoil. Israel, with diversified activities ranging from inner-tubing down the Hatsbani River to skindiving at Elath, expects more than 300,000 American vacationers, of whom only 50% are Jewish. India is cashing in on its recent film fame with...