Word: pesos
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...support of the power blocs within the P.R.I., including labor, peasants and the bureaucracy. One important figure to watch is Fidel Velásquez, 82, head of the 3.5 million-member Confederation of Mexican Workers, the country's most powerful union organization. After the February devaluation of the peso, Velásquez won wage increases of 10% to 30% for Mexican workers. As a result, the devaluation did not significantly help the competitiveness of Mexican exports, and inflation moved toward the three-digit range. On the eve of De la Madrid's inauguration, Velásquez had threatened...
...problems that De la Madrid confronts at home are even more nightmarish than those that worry bankers abroad. Inflation, which stood at 60% as recently as August, has reached nearly 100% and is expected to climb further next year. The peso has lost more than three-quarters of its value against the U.S. dollar in the past ten months. In a country that reveled in growth rates of 8% or higher for four years, the economy has come to a virtual standstill. Next year will be even worse: gross domestic product is expected to decline 2% or more. The unemployment...
...minute inaugural speech, De la Madrid outlined a ten-point austerity program for "reordering the economy." It included deep cuts in government spending and higher prices for public sector goods. (The next day gasoline prices were doubled.) He promised to peg the peso at a more "realistic" rate of exchange and announced plans to restructure the federal bureaucracy and eliminate waste...
...result of two devaluations of the peso so far this year, Mexico has become a bargain basement of U.S. tourism. An airplane ticket from Mexico City to Acapulco costs $44 this year, compared with $76 in 1981, and a room at the Hyatt Continental at the Pacific resort can be had for $42 a night, compared with $96 last year. At the famous Las Hadas resort, where the movie "10"was filmed, a couple can spend a week lolling on the beach or practicing their skiing for less than $500. The same outing a year ago would have cost Dudley...
...tropical Yoknapatawpha County, where "the silence was more ancient, and things were hard to see in the decrepit light." There, jungle folklore blends with Roman Catholicism, humor collides with myth, miracles kick up the dust of the commonplace. The actual and the surreal are like opposite sides of the peso: one lies directly underneath the other...