Word: pesos
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...Latin American spiral is largely the result of instability in the peso, escudo or cruzeiro, which in turn increases import prices and wrecks wage levels. In economically advanced nations, however, the increases are a penalty of unpoliced success. Expanding industrial output in the postwar years, these nations tried to avoid labor shortages with higher pay, more overtime and lavish fringe benefits-until wages finally outpaced production. At the same time, increased consumer spending competed for a relatively stable supply of goods and steadily pushed up prices, particularly of food. Britain slowed its spiraling cost of living by instituting...
...Ministers of the Interior. Three Ministers of Foreign Affairs. Four Defense Ministers. Three Economics Ministers. Five War Secretaries. Four Navy Secretaries. Three Air Secretaries. Five Treasury Secretaries. And an economy in a mess. The number of Argentine bankruptcies increased 46% last year, the cost of living rose 50%, the peso dropped 67%, and the gross national product actually slipped 3.9%. Argentina's wheat crop and meat production-the country's two main exports-finished disappointingly low, and the nation's balance-of-payments deficit soared to $320 million. Argentina's total gold and foreign exchange reserves...
...that had already been committed to the Dominican Republic. Private industry in the U.S. and other countries agreed to send in missions to assay investment opportunities. And he does have a stable currency to build on. Last year, under diligent prodding from the provisional government, the country's peso gained 20% in value. Still, for all his travels and talking, Bosch is far from having all the money he needs to carry out his campaign promises...
...brothers hung on grimly, traveled to Acapulco, Monterrey, Guadalajara and beyond to get their merchandise. They sponsored a television show called The 64,000-Peso Question, used some air time to whip up public opinion. The turning point came when the Arangos opened two new stores. ''They knew then," says Jeronimo, president of the chain, "that we weren't any fly-by-night operation. We were in business forever...
...quick payout with about a three-year ceiling"-that is, a return of 337% on invested capital. But in recent years, the average return achieved by U.S.-owned companies in Latin America has dwindled to 9% v. 15% in Europe. Prime reason for this is inflation: Argentina's peso is now worth only one-eighth what it was five years ago, and Brazil's cruzeiro has dropped by two-thirds in less than two years. This means that companies must earn almost astronomical sums in present-day money to cover the real costs of their original investment...