November 15, 1988 |
Guido Pennano, a respected Peruvian economist, held out a 1,000-inti bill and asked, "Do you know how much Peru's biggest bill is worth now?" "Less than $2," he said, answering his own question and sinking back into his chair with a grimace. "Imagine. In January of this year, it was worth $5." He thought for a moment. "No, wait--it was $50!"
August 18, 1988 |
As a hurricane of inflation pounds Brazil's economy, wage earners, consumers and savers seek whatever flimsy shelter they can find: They ask the boss for mid-month advances, knowing that their salary will buy a lot less by payday; they stock up whenever possible on food staples and household supplies, whose prices leap frequently.
October 7, 1987
Peru's navy has agreed to build 80 ships and tugboats for the Soviet Union in a deal that could help reduce Peru's debts to Moscow, a Peruvian spokesman said. Miguel Vargas, chief of services for the navy's Sima shipbuilding company, said the vessels, worth an estimated $375 million, are to be built in the next six years. Many of the ships would augment the Soviet Union's fishing fleet.
July 29, 1987 |
President Alan Garcia, beginning his third year in office, moved to gain control over the country's turbulent financial system Tuesday by proposing the nationalization of all banks and credit institutions in Peru. The plan would include the nationalization of the insurance industry and the closure of foreign exchange houses, and would outlaw the street sale and purchasing of foreign currency, which government officials have blamed for causing economic uncertainty.
CALIFORNIA | LOCAL
July 4, 1987 |
Presidents Jose Sarney of Brazil and Alan Garcia of Peru met again Friday after a jungle meeting Thursday to discuss development in one of the world's most remote and impoverished regions along their shared border. The two days of talks were also likely to touch on both contries' foreign debts, a Brazilian diplomat said.