Word: pesos
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Dates: during 1990-1999
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...inflation in the economy right now ? but there?s a lot of uncertainty out there right now coming from Argentina," he says. Latin America?s third largest economy has mounting debt, is mired in a recession, and is stuck with a currency that it can?t afford. "The Argentinian peso is tied one-to-one with the dollar, and with the dollar so strong, countries with devalued currencies like Brazil are killing it on exports because their goods are that much cheaper." If Argentina buckles under the pressure and devalues, the whole region will take a beating from the markets...
Although Rubin was initially caught off-guard by the Mexican peso devaluation, he managed to string together a series of policy successes, according to Ullmann and Levy--most notably, the circumvention of the federal debt cap on government spending--which infuriated Republicans in Congress and led some to consider impeachment proceedings against...
...have been proved wrong. The economy has emerged from the abyss. At the depths of the special period, the country had almost no petroleum, electricity, food, transport or production. Today Havana blooms with chicly renovated hotels, neon signs, crowded restaurants and nightclubs. The U.S. dollar has swallowed the Cuban peso. Farmer's markets and mom-and-pop entrepreneurs fuel a production boom of sorts. Cars outnumber bicycles again in Havana, and many of them are 1990s Nissans, not 1950s Chevys. Foreign investors not only share ownership of new projects but also own some outright and ship much of their profits...
...immense and complicated task of curing East Asia of what ails it? The fund's advocates say yes and point to its many successes over the years, most recently in Mexico. That country recovered in record time from the humiliating 1994 collapse of the peso by promptly adopting IMF reforms...
...award for best performance this year may belong to Latin America. In the wake of the 1994 Mexican-peso crisis, "the region has really bounced back in a remarkable way," says Nariman Behravesh, chief international economist for DRI/McGraw-Hill, an economic consulting company based in Lexington, Mass. In Mexico, between April and June, the economy surged 8.8% over the same period a year earlier. Growth is expected to hit 6% in 1997 and 4.8% in 1998. Inflation, which reached 34.4% in 1996, will be sliced in half by the end of next year. Brazil's economy will expand 4% this year...