Word: pesos
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...first accomplishment was convincing the U.S. Senate?and Ohio's powerful Republican Mark Hanna?that the Panama route was superior to the Nicaraguan. His chief argument: Nicaragua was prey to volcanic eruptions. On the morning of a crucial Senate vote, Bunau-Varilla sent every Senator a Nicaraguan five-peso stamp picturing an erupting volcano that could have been Mount Momo-tombo, near the proposed canal line. The Senate switched to Panama on June 19, 1902. Soon afterward, Roosevelt and Secretary of State John Hay began to press Colombia to agree to a treaty. Their offer: $10 million in gold, plus...
...bourgeoisie. A group of American congressmen warned that Mexico was becoming a socialist country and that before long a new 'Red Cuba' would emerge south of the border. The general fear created by this situation caused the outflow of a considerable amount of capital, precipitating the devaluation of the peso last August from eight American cents to four. By this time nearly half of Mexico's labor force was out of work or underemployed, and inflation reached an annual rate of 25 per cent. In the three months left before his term was over, Echeverria tried to restore the economy...
...tourism and border transactions for 37% of its dollar income and on the U.S. to provide 90% of the visitors to such established resorts as Acapulco and Mazatlan as well as the new playgrounds at Cancun on the Caribbean and Ixtapa on the Pacific. The devalued and floating peso has reduced the price of a Mexican vacation by at least one-third, but the laggard tourist trade has not picked up as expected. For a decade before 1975, tourism had been rising at the rate of 14% a year until it reached $1.2 billion; in 1975 it fell...
...present crisis began in September, when intense speculation forced the government to cut the overvalued peso loose from its two-decade mooring at 12.5 to the U.S. dollar. Wary of Mexico's swollen, $24 billion debt and mounting balance of payments deficit, investors began a precipitate capital exodus, dropping the value of the peso more than 40%. In late October, renewed trading forced a second round of devaluation, tumbling the peso to 24.5 to the dollar-half its previous value. Inflation bounded, approaching an annual rate of 30%. Worse, the government has announced huge jumps in the price...
Apart from tourists, the Americans most affected will be the investors who have poured billions into peso-dominated bonds and savings accounts. At the old exchange rate, for example, $2,000 would have bought a 25,000-peso bond that at 12% would pay interest equal to $240 a year. At 20 pesos to the dollar, the bondholder's principal has shrunk to $1,250, and his interest to $150 a year...