Word: pesos
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...three years since his Liberal Party upset the graft-ridden Nacionalista regime of Carlos Garcia, Macapagal has tried to create a "New Era" in the Philippines. He eliminated corruption in the higher reaches of government, stabilized the peso, passed a much needed land-reform bill to break up the vast estates that date from the days of Spanish rule...
...civil war raging between the foreign-import Emperor Maximilian and Mexican Revolutionary Benito Juárez. Remarkably, it succeeded in winning the business of merchants and spreading into several branches, partly because it adopted the still-popular British stance of doing business with both sides and partly because its peso notes became Mexico's first nationwide paper currency. (The bank's 20-peso note shows Benito Juárez, Mexico's 33rd President, and Bartolome de las Casas, the Dominican "Protector of the Indians.") In 1913, Rebel Leader Pancho Villa raided the bank's Torre...
...Inflation is zooming in the country; the cost of living is up 25.6% in 1964, 5.1% last month. Unchecked bureaucratic featherbedding and other government spending is expected to leave the treasury with a gargantuan $800 million debt by the end of the year, highest in Argentine history. The official peso rate is still 138 to the dollar, but only because of heavy government support; Buenos Aires black market cambios are doing a thriving business at 175 to the dollar...
...best wheat crops in history. In La Pampa province alone, wheat farmers this season have harvested 796,000 tons v. 5,300 tons during last year's searing drought. At long last, the cost-of-living spiral is leveling off (down 1.3% last month), and so is the peso. The exchange rate is holding steady in a range of 132 to 138 to the dollar, after sinking as low as 157 last year. To tighten the economy further, Illia last week restricted the amount of foreign currency Argentines can hold or take out of the country...
...week to earn about $125 a month in commissions, an average salary for Buenos Aires white-collar workers. They use compelling means to part the country people-many of them prosperous from land and cattle-from their idle money. One that works best is flashing an early 100-peso bill bearing the signature of Eusebio Campos, a former Argentine Central Bank official. "That man," the salesman says, "is now one of our directors...