Word: punta
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...which has $1 billion capital, $450 million of it pledged by the U.S. In its first year of operation, the IDE has granted 40 loans totaling $139.5 million to 18 Latin American countries, and the money goes faster each week-17 loans worth $49.5 million in the month since Punta del Este. Last week the IDB approved $500,000 for economic planning in Colombia, a hefty $13 million for four irrigation projects in Mexico. So solid is the bank's program of loans for basic social underpinnings that four European and five U.S. banks agreed to participate...
Berlin was the worst problem confronting the President of the U.S.; it was by no means the only one. Following Johnson into the White House came Treasury Secretary Douglas Dillon, back in the U.S. from the Alliance for Progress conference in Punta del Este. The crucial importance of that conference, at which the U.S. proposed to help its Latin American neighbors with a $1.1 billion, ten-year loan program, was underlined last week by the sudden resignation of Brazil's President Jánio Quadros in a crisis that began over Quadros' too enthusiastic welcome for Cuba...
...adroit politicking provided the drama of the conference, but as the U.S. Treasury's Dillon clearly saw, the real business was not dramatics, and the real success was not yet to be measured. The present task was merely to get under way. The U.S. objective at Punta del Este was to offer Latin America, tormented by its hunger for food, learning, health and work, a working alternative to Castro's "socialism," and it hoped to encourage Latin Americans themselves to prove that democracy can provide swift enough economic and political progress...
...words of the Declaration of Punta del Este were certainly a start. Taking it as axiomatic that "this alliance is founded on the principle that free men working through the institutions of representative democracy can best satisfy man's desires.'' the declaration listed as its goal basic economic and social advancement. Setting the declaration apart from the serried folios of similarly pious proposals in the past was a flat commitment that "the U.S. wall provide a major part of the minimum of $20 billion, principally in public funds, which Latin America will require over the next...
...conference, one observer compared the illiterate, hungry people of Latin America to fish caught beneath the ice, and the Punta del Este delegates to skaters above. To the fish, the skaters and their complicated figures mean nothing; the only thing that counts to them is the act of cutting through the ice and sending down food. Dillon put the same message in his own dogged way: "Although we have charted the way to progress, plans alone will not feed the people, cure the sick or educate our children. We must now undertake the hard and steady work of making...