Argentine President Says Devaluation Inevitable
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BU EN O S A IRES, A rgentina
(A P ) — P re sid e n t E d u a rd o
D uhalde signaled that his gov
ernm ent would devalue the peso,
saying it was “a given” that the
currency will be cut free from its
one-to-one peg to the U.S. dol
lar.
T he new econom y m inister,
Jorge Rem es Lenicov, w as ex
pected to announce a new eco
nomic plan for getting Argentina
out o f its worst econom ic crisis
in decades.
D u h a ld e ’s com m en ts in a
speech to business leaders was
the clearest sign yet that the plan
w ould include a devaluation,
som ething econom ists and m e
dia have been saying is inevi
table.
D uhalde— sworn in last week
as the fifth president in less than
a m onth am id the econom ic tur
m oil — did not com m ent on how
large a devaluation w ould be,
but said: “The devaluation is a
given.
have com e to see it as a strait-
A nalysts have predicted the
jack et, suffocating repeated a t
governm ent will devalue the peso
tem pts to drag South A m erica’s
to 1.3 o r 1.4 to the dollar, ending a
second-largest econom y out o f a
decade-long peg w ith the dollar
slum p now nearly four years old.
that m any A rgentines saw as key
T oday, A rgentina is virtually
to econom ic stability.
bankrupt. It officially entered d e
T housands o f
fault on its $132
A rgentines lined
billion debt last
up at b an k s to
T hursday, m iss
w ith d r a w
as
ing a $28 m illion
m uch m oney as
p ay m en t on an
th e y c o u ld to
Italian bond. A r
sp e n d th e c u r
g e n tin a is now
rency before its
shut o ff from in
value fell. Som e
ternational credit
ru sh ed to trade President Eduardo Duhalde
markets.
their pesos.
D u h ald e w as
W hen it w as enacted in 1991,
c h o sen by C o n g re ss to serv e
the peg setting the peso eq u iv a
u n til D e c em b e r 2 0 0 3 , c o m p le t
lent to the dollar vanquished triple
in g th e u n f in is h e d te rm o f
digit inflation alm ost overnight
F ern an d o de la R ua, o u sted from
and attracted foreign investm ent,
the p re sid e n c y by v io le n t stree t
ushering in an era o f financial sta
p ro te sts D ec. 20. T h e first m an
bility to a country rocked by eco
C o n g ress chose as in terim p re si
nom ic crisis in the late 1980s.
d en t re sig n e d a fte r a w eek in
B u t n o w m any ec o n o m ists
o ffic e , an d tw o o th e rs serv ed
M exico Tourism Finally R evives
After Septem ber 11 Incidents
TULUM , M exico (AP) - Hotel
ow ners and governm ent officials
across M exico say tourism has
largely returned to norm al after
dropping 12 percent after the
Sept. 11 attacks. T he resort o f
A capulco has more international
flights than before the terror at
tacks, including new arrivals
from C hicago and D allas.
M exico is one o f the few coun
tries to have seen such a recovery.
Europe and Asia are still strug
gling. Italian T ourism and H otel
A ssociation president B em abo
B occa said the attacks on the
U nited States have cost the ho
tel sector $918 m illion, m ostly
becau se o f the “loss o f rich
A m erican and Japanese clients.”
In Spain, 38 percent few er
A m ericans visited after Sept. 11,
and the num ber o f visitors in
Singapore dropped by nearly 11
percent from the corresponding
m onth a year earlier, w ith arrivals
from the U nited States plunging
m ore than 40 percent.
Even P uerto R ico — w hich o f
fered free flights from som e U.S.
citie s if p eo p le b o o k ed hotel
room s for at least five days —
h asn ’t totally recovered.
M exico appears to have a co m
bination that is attractive to at-
tacks-w eary travelers: It’s cheap,
safe and — for U.S. residents —
close to hom e.
“A m ericans are not going to fly
to Europe,” said Carlos Velazquez,
director general o f the A capulco
Convention and Visitors Bureau.
“It’s not nice to say this, but w e can
take advantage o f the problem .’’
Facing a possible crisis in its
third-largest source o f revenue,
M exico launched its m ost aggres
sive tourism cam paign ever after
Sept. 11. It spent $35 m illion to
prom ote m ountain resorts and
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causas - causes
desaparición de various ciudadanos bolivianos -
disappearance of various Bolivian
citizens dictaturas - dictatorship
ejecutar - to execute, carry out
entre 1971 y 1978 - between 1971 and 1978
estudia - studious
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L ast m onth, the U .S. H ouse
o f R e p re s e n ta tiv e s p a s se d
R esolution 277, w hich recog
nized the im portant co n trib u
tions o f the U.S. Hispanic Cham
b er o f Com m erce.
C ongressm an R on Paul (R-
T X ) introduced the resolution.
“T h e im portance o f this n a
tional o rganization can n o t be
overstated. H ispanics have an
annual p urchasing p o w er o f
approxim ately $500 billion and
the C ham ber effectively rep re
sents m ore than 1 m illion H is
panic-ow ned businesses.
T he o rg an izatio n ’s recent
grow th has show n its in flu
ence in com m unities not trad i
tionally considered centers for
L a tin o d e v e lo p m e n t,” said
C ongressm an Paul.
Prudential
La Paz (AP) - El jefe de
Interpol en Bolivia, coronel
A lberto A rroyo, se negó a
ejecutar la orden de captura en
contra del ex presidente Hugo
Banzer solicitada por un juez
argentino hasta que la Corte
Suprem a se lo ordene.
* ’ Se trata de un ex presidente
cuya detención solo puede ser
ordenada por la Corte Suprema
de Justicia” , dijo este viernes
A rro y o , tra s c o n firm a r la
solicitud de Interpol de Argen
tina.
La captura y extradición de
Banzer fue solicitada porel juez
argentino R odolf C anicova,
quien abrió una causa en contra
del ex m a n d a ta rio p o r su
presunta participación en el
llam ado * ’ Plan C óndor’ ’.
El plan coordinó la represión
durante los últimos años de las
dictaduras en Sudamérica.
Banzer, de 75 años y que
gobernó con mano dura entre
1971 y 1978, está acusado de la
d e s a p a r ic ió n d e v a r io s
ciudadanos bolivianos y de
haber entregado a argentinos a
las fuerzas de represión en los
años 70.
El gobierno boliviano rechazó
el pedido de extradición por
considerar que sólo la justicia
boliviana puede procesar a un
ex presidente.
Adem ás, B anzer no tiene
c a u sa s p e n d ie n te s en lo s
tribunales bolivianos.
F a m ilia r e s y a lle g a d o s
políticos del ex gobernante
dijeron que B anzer estud ia la
posibilidad de su sp en d er su
viaje a E stados U nidos donde
recibe tratam iento co n tra un
cáncer term inal ante el tem or
de ser d eten id o fuera de Bo
livia.
Banzer dimitió a la presidencia
en agosto pasado por motivos
de salud y se trata en el hospital
W alter Reed de W ashington.
“Serving You Into The New Millennium!”
“ 1 ’m on YOUR side.
^atn* <«**•'*« «aav»?
Commercial and Residential Services
Hispanic
Chamber of
Commerce
Valued
Interpol Bolivia rechaza
capturar a Banzer
agosto pasado - last August
DDITIONAL SERVICES
beach getaw ays in the U nited
States, M exico and C anada w ith
the slogan, “M exico, closer than
ever.”
Security was tightened at vaca
tion spots across M exico and the
paperw ork needed to drive south
across the border was eased.
In recent w eeks, throngs o f
A m e ric a n s h a v e r e tu rn e d to
C an cú n ’s w hite sand beaches, all
but em pty after Sept. 11.
S ettling into a lounge chair af
ter a sw im in the ocean, D eirdre
M cC affrey said that after losing
her jo b at energy trading co m
p any E n ro n in H o u sto n , she
w anted bright sunshine and aq u a
m arine w aters — not m ore terror
ism reports.
R oughly 80 m iles south along
the C aribbean coast, crow ds o f
tourists listen to guides o r sw im at
the rocky beach below T u lu m ’s
M ayan ruins.
b riefly as ac tin g p re sid e n t b e
fo re D u h ald e w as v o te d in.
A s D u h a ld e ’s ec o n o m ic team
w orked on a rescu e plan th at w ill
lik e ly m ean th e su c c e ss o r fa il
ure o f h is p re sid e n c y , m an y A r
g e n tin e s b ra c e d fo r a d e v a lu a
tion.
“I w ant to d um p these pesos as
fast as I ca n ,” said F rancisco
R o sa s, a 3 2 -y e a r-o ld sc h o o l
teacher seeking o u t black m arket
tra d e rs in d o w n to w n B u en o s
A ires. “W ho know s how m uch
these w ill be w orth o v er the next
few d ays.”
O thers invested th eir m oney
by buying costly im ported goods
such as househ o ld appliances,
fearing the prices co uld clim b
quickly after a devaluation.
Som e pharm acies stopped tak
ing paym ents from governm ent
health plans and accepting credit
c a rd p a y m e n ts , w o rrie d th ey
w ould not be processed before
devaluation.
Call or email
“Valerie Scott”
today
503-256-1234
503-450-9524
vsrott@pru-nwxom
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