Word: pesos
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...appeal," says pri Congressman Carlos Flores. Fox has also seemed hesitant or unable to tackle dark human-rights abuse cases from the PRI era, including the massacre of hundreds of pro-democracy demonstrators on the eve of the 1968 Mexico City Summer Olympics. All that, combined with a weaker peso and a stagnant economy that is hemorrhaging factory jobs to China, resulted in the pan losing more than 50 seats in the 500-member lower house of Congress in last July's midterm elections. At the same time, Fox has had to watch his stock plummet in Washington, where...
When action star Fernando Poe Jr. announced he was running for President of the Philippines last week, the Manila stock market fell nearly 2% and the peso tanked to its lowest level in a century. The Central Bank governor quickly announced that the markets weren't freaking out over Poe alone but were reacting to "a series of events over the last four weeks." Indeed: a band of congressmen tried (unsuccessfully) to impeach the Chief Justice of the Supreme Court; the administration of President Gloria Macapagal Arroyo saw a mini-exodus of officials, including respected Finance Secretary Jose Isidro Camacho...
...state-dominated economy to an open one was wrenching. Mexico needed help, which it got from the U.S. The North American Free Trade Agreement, negotiated by the first Bush Administration and signed by that of Bill Clinton, guaranteed that the U.S. would buy what Mexico produced; later, when the peso collapsed, Clinton put together a rescue package...
...recalled his initial encounter with the former Mexican president in 1995 during the country’s economic crisis, brought on by the collapse of the peso...
...ARGENTINA Baby Steps As the Central Bank prepared for this week's planned flotation of the peso, Economy Minister Jorge Remes Lenicov presented a recovery-minded draft budget to Congress. The plan includes severe spending cuts agreed to by President Eduardo Duhalde and Argentina's provincial governors, and Remes Lenicov said the program was "tough." But critics warned that it relies on gdp and export-growth forecasts that may be too optimistic. Duhalde expressed hope that the economy would recover before the next presidential vote, now set for September...