Word: pesos
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Salinas also halted trading on the Mexican stock exchange and closed banks for a day, hoping to restore investors' confidence. Washington offered a $6 billion line of credit to support the peso. "Fundamentally," Bill Clinton said, "I think they are in sound shape." When Mexico City's market reopened Friday, the stock index -- which has been volatile all year -- initially plunged 100 points but recovered to a loss of less than 1%. "We'll see several weeks of turbulence," predicts Ernesto Cervera, an analyst at a Mexico City consulting firm. Some experts say the market may be unsettled until...
Camacho infuriated much of the P.R.I. by using his position in the peacemaking spotlight to hint that he might make an independent run for the presidency. Uncertainty over his spoiler potential had ruffled the stock market and shaken the peso. Only last Tuesday, the day before Colosio was murdered, did the ex-mayor finally announce he would stick to the peace talks rather than run. But he had already made life difficult for Colosio by focusing attention on the government's failure to provide basic services for the poorest parts of the country and putting pressure on the candidate...
With Ricardo and two others, Raul is arranging to buy a motorized boat to sail to Miami, where a brother recently landed on a raft. The youths have paid out half the 30,000-peso price, but have no idea how they'll get the rest. "I want to be free!" shouts Raul. "I want to go to a hotel for a vacation. I want to take a car and drive into the countryside. We are Negroes in our own country; we are slaves." His voice rises close to hysteria as waiters in the ; restaurant pretend not to hear...
...Batista dictatorship, is once again a clean, green ghetto for foreigners. Tourism is supposed to be the country's short-term salvation, but it also accentuates the difference between those with dollars and those without. Everyone wants to work at Varadero: hotel maids earn more in tips than peso-poor engineers; teachers and Angola veterans drive cabs; and psychologists make plane reservations. The expertise of the Cubans who work for Eamonn Donnelly, the Irish manager of two German-owned hotels, runs from agronomy to piloting MiG fighters...
Pepsi tried to control the damage by offering a 500 peso ($20) "goodwill" prize to all holders of sham 349 caps, and the company paid out $10 million in the process. The appeasement effort may be rendered futile when the cases reach court, especially if the judge agrees with the Philippine Senate Trade Committee, which released a report this month that faults the company for "gross negligence" and "misleading or deceptive advertising...