Word: pesos
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Countries sometimes wear their troubles more lightly than the statistics or the headlines indicate. In uneasy Argentina. the cost of living is up 58% this year, the peso down 60%. But it is summer in the Southern Hemisphere, and in Buenos Aires the days are blazing and the nights sticky. The place to get away to is Mar del Plata, Argentina's favorite Atlantic resort, 250 miles south, and last week the annual migration was in full swing...
...recently returned from the U.S. with $500 million in loans, warned that the nation could not continue much longer in a state of "anarchy." Alsogaray has not been able to put into practice most of the reform measures he insists are necessary. Prices rise daily, and last week the peso sank still lower to 129 to the dollar, while the foreign debt climbed to above $4 billion and gold and cash reserves in the treasury dwindled to a meager $170 million. And how does all this affect the run of the people? Said a Buenos Aires housewife with a shrug...
Argentina, a land of spreading pampas, beef and grain, whose 20 million people are more than 90% European-descended, has been ruled by a puppet President and a military dictatorship for 3½ months. The treasury is about bankrupt, the peso has fallen from 83 to a dollar to as low as 137, the cost of living has risen 42.7% since April, and one of the most powerful of the Peronista unions last week threatened to take over the factories themselves unless they were paid long-overdue wages. Economics Minister Alvaro Alsogaray is flying...
Protracted Woo. All these efforts to destroy the prevailing Filipino attitude of bahala na (easygoing fatalism) depend largely on U.S. help. As an incentive to foreign investors. Macapagal has made the peso convertible, with good results-the first four months of this year show a $23 million surplus in balance of payments compared with a $27 million deficit for the same period last year. He is hoping to set up a private, U.S.-Philippine development bank. But he is often hamstrung by a Congress still dominated by Garcia's Nacionalista Party, whose members cannot be turned out until...
Frondizi's prescription of austerity 'was austere only by comparison with Per&243;nista days. Subsidies were lifted from food, the peso was freed to seek a realistic level, wage increases were tied to productivity...