Word: rico
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...month ago, when President Ford invited six fellow world leaders to meet in Puerto Rico for a discussion of economic issues, his move was widely criticized both at home and abroad as a political ploy. The meeting was called, so went the criticism, to strengthen the President's chance of gaining the Republican nomination over Challenger Ronald Reagan. The summit did serve that purpose. Ford, who is at his best in small groups, enhanced his status as a world statesman last week by playing the charming and well-briefed host to British Prime Minister James Callaghan, French President Valery...
...They now own or control an estimated 8,000 businesses and have a spending power of $1.5 billion. Many of them have been unable to re-create their old lives, however. Alfredo Perez, for example, went to law school in Havana, but after fleeing to Colombia, then to Puerto Rico, he arrived penniless and discouraged in Miami in 1967. The need for Cuban-trained lawyers in Miami being totally nonexistent, Perez finally got a job mowing lawns. He is the kind of man who likes to take an intellectual interest in his work. He enrolled in a course in agronomy...
...scandal (marked last week by the arrest of four businessmen). But now a surge in exports, including sales to the U.S., is brightening the picture. Last weekend, Prime Minister Takeo Miki was able to report to President Ford and five other world leaders at their economic summit in Puerto Rico encouraging evidence that the Japanese economy is finally, if spottily, perking...
...from Japan than they are selling there. Political pressures are mounting for countermeasures. One of them could well be an increase in the exchange value of the yen to blunt the competitive edge of Japanese exports, a subject that doubtless was raised discreetly at the economic talks in Puerto Rico. Prime Minister Miki so far has argued that the situation is temporary and should redress itself as imports increase along with the domestic recovery...
...Puerto Rico summit meeting will give no definitive answer to Lanfalussy's question, but it could provide a small push in the right direction...