Word: pesos
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Higher inflation will put further downward pressure on the weak Mexican peso, which is being artificially supported on the world's money markets by the Mexican central bank. Devaluation would aid tourism, boost exports and help close a large trade deficit. But the last time a Mexican government undertook a major devaluation, in 1976, billions of dollars fled the country, inflation surged to an annual rate of more than 50% and economic growth came to a halt. No Mexican government wants a repeat of the 1976 devaluation fiasco...
...tide these businesses over, the Central Bank is putting together a 5 billion-peso industrial rescue program. Predicts a U.S. economist: "There will come a point when the Philippine government will have to choose between printing money and allowing some major bankruptcies." At that point too, say some government and financial officials, Marcos will have to choose between protecting his cronies and heeding his own economic specialists...
...Economics Minister is trying to re-establish confidence in the peso by abolishing price controls and interest ceilings. In the new economic climate, Argentines are flocking to put their money into banks that pay the highest interest rates. While the economy remains tenuously balanced, Martínez de Hoz told TIME'S Buenos Aires bureau chief George Russell: "We never expected quick results, but in the '80s we are going to reap the fruits of all our measures...
Gueiler-or whoever will be running the country in the months ahead-faces some hard, unpopular decisions. In essence, Bolivia is broke. A representative of the International Monetary Fund has recommended a devaluation of the Bolivian peso, which is artificially pegged at 20 to the dollar, to help solve a complex of economic problems ranging from severe inflation to a foreign debt of $3 billion. Natusch, unrealistically, had promised to attack these economic woes by raising workers' salaries "without provoking inflation and without devaluing the currency...
Gueiler is trying a more workable approach. Last week she announced a package of tough new policies. Among them: a stiff hike in the price of gasoline and other fuels and a 25% peso devaluation. But her tough new plan provoked a warning from the heads of the powerful Central Labor Federation, which had sponsored a general strike that helped propel Natusch from office. Workers, declared Federation Leader Juan Lechin Oquendo, "will not accept economic measures that affect their income." If Gueiler's new proposals are carried out, he threatened, his followers were ready to "struggle in the streets...