Word: valencias
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Under President Guillermo Leon Valencia's do-nothing, three-year-old government, the cost of living has risen 60%, Colombia's chronic trade deficit has doubled, business confidence has evaporated and unemployment is soaring. Politically, the ruling Liberal-Conservative National Front is splintering, and Congress is all but immobilized. Last week, with new elections only nine months away, Valencia finally decided that something ought to be done. Invoking emergency powers, he named a new Cabinet and decreed a series of reforms to pull the economy back from the brink...
...directing the reforms is Finance Minister Joaquin Vallejo, 52, a Pharmaceuticals executive who is well regarded in international banking and finance circles and has Valencia's support "to do whatever is needed to save the nation." From his emergency reforms, Vallejo hopes to bring in an additional $40 million in revenues this year to help pay off the government's projected $87 million deficit. To make up the rest, Vallejo plans to meet with the International Monetary Fund and the World Bank in Washington later this month, and seek additional...
...Valencia's lackluster Conservative government is partly to blame. Beyond that, there has long been widespread feeling against the Front's 1966 candidate-Carlos Lleras Restrepo, a longtime Liberal firebrand and a man with many enemies. This month, the Front's divisions exploded into the open when a splinter faction of Valencia's own Conservative Party and a dissident Liberal group joined with followers of ex-Dictator Gustavo Rojas Pinilla to form an anti-Front coalition. With 126 of Congress' 282 seats, the coalition has more than the one-third necessary to block all government...
...university students protesting U.S. intervention in the Dominican Republic went on a seven-hour rampage in Bogotá, slinging stones and Molotov cocktails, breaking windows in a U.S.-Colombian cultural center, and taking over two radio stations. When police finally restored order, more than 100 people were injured. Valencia promptly seized upon the riot as an excuse to declare a state of siege...
...better solution, the antigovernment coalition feels, would be Valencia's resignation. "Anyone who wants to remove me from San Carlos Palace," he said, "will have to pause in the patio to shoot me first...