Word: pesos
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...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...
...Madrid began the belt tightening by devaluing the peso immediately after taking office. At the same time, he adopted very strict measures to bring down inflation. The goal is an annual rate of 55% by year's end. Consumer interest rates were increased from 40% to 70% per year, gasoline prices were doubled, and a 15% value-added tax was slapped on all but the most essential goods...
Many of the businesses still open are deeply in debt. Sales of Rodacarga Co., a maker of materials-handling equipment, shrank from $20 million to less than $5 million as the peso became worth less and less and the austerity program began taking hold. A loan the company has from Philadelphia's Girard Bank now exceeds its entire peso capital. The firm's order backlog, usually nine months, has dropped to four. Company President Carlos Lopez has been forced to close down two of his company's three plants and lay off 362 of his 509 workers...