Word: pesos
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...sign that the P.R.I. was running scared, and with reason. The U.S.'s populous (72 million) and oil-rich southern neighbor is in the throes of a profound economic and social crisis. Inflation is running at an annual rate of about 60%, and last February the Mexican peso suffered a 40% devaluation. The country's current foreign debt is about $52 billion, among the highest in the Third World. Nervous investors have pulled some $6 billion of their capital out of the country in the past year. Government expenditures ate up 48% of Mexico's gross domestic...
...same time, the Buenos Aires government announced a series of austerity measures designed to bolster the country's wartime economy during a prolonged conflict. The Argentine peso was devalued by 17% to boost exports, while a 7% tax was announced on important goods sold abroad, to help pay for the war effort. Additional taxes went into effect for gasoline, cigarettes and liquor...
...governments, for different reasons, saw a pressing need for success. Mrs. Thatcher, her position at home strengthened by an improving economic outlook, had gone all out for restored possession of the Falklands as a precondition to any further discussion of sovereignty. General Galtieri, with inflation rising at 147%, the peso at 11,300 to the dollar (official rate) and serious internal discontent, had so far whipped up national sentiment as to have pasted himself into a corner. There were others at hand, quite prepared to oust him if his venture failed. Among the admirals were men of much more fascist...
...high-risk maneuver to boost exports and slow the drain on the country's financial reserves, López Portillo's finance secretary, David Ibarra Muñoz, last month orchestrated a 40% devaluation of the Mexican peso. Unfortunately, the action has done little yet to ease any of the economy's underlying woes. Last week Muňoz resigned, to be replaced by Jesus Silva Herzog, a Yale-educated economist and close friend of Miguel de la Madrid Hurtado, López Portillo's hand-picked presidential successor when nationwide elections are held in July...
Viola's brief reign was a general disaster. Though Argentina was already in serious economic trouble when he took office last March, Viola led his resource-rich country into the worst economic crisis in its 165-year history. Successive government currency devaluations have plunged the Argentine peso from 2,000 to the dollar to 10,000 to the dollar. Inflation is raging at 120%. As much as half of the country's industry has come to a standstill, and some 13% of the work force is unemployed. An estimated 2.2 million skilled and professional Argentines...