Word: bolivia
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Despite the steady rain, thousands of people wrapped in gaily striped ponchos had packed into La Paz's Plaza Murillo, a large square flanked by the National Congress and the presidential palace. Finally, after a long ceremony, the crowd's wait was rewarded: Bolivia's old and new Presidents appeared side by side on the balcony of the Congress. Both acknowledged the cheers, but the enthusiasm was reserved for Hernán Siles Zuazo, 69, Bolivia's second civilian leader in 18 years of almost uninterrupted, often harsh and nearly always corrupt military rule...
Humbled by an out-of-control economy, a wave of protest strikes, and international condemnation of their quasi-official participation in the cocaine trade, Bolivia's generals were marching back to the barracks. They were not alone. During the past two years, Peru and Ecuador had already replaced uniformed leaders with civilian regimes. At the same time, Argentina's generals set a target of late 1983 for free elections, and in November Brazil's military government will allow the first free elections in two decades. Said Peru's civilian President, Fernando Belaúnde Terry: "Times...
...last week, the generals surrendered power peacefully. Their decision was inspired by the fact that they were losing the ability to govern, even with out-and-out force. So the military limply gave up. Bolivia, with an annual per-capita income of only $550, the second lowest in the hemisphere after Haiti, s an economic mess. The output of wheat and cotton is running below the levels of he 1970s. Further, production of such minerals as tin, lead, gold, silver and zinc las been devastated by miners' strikes, and only one of the state-owned mining group...
Other Latin American countries will soon find themselves repeating Mexico's experience. Brazil's debt now stands at $75 billion, and its economy experienced a 4 percent decline in gross national product last year. In 1980, Bolivia and Panama each owed amounts exceeding their gross national products. Peru recently diverted $2 billion from development funds to service its debt. Altogether, Latin America's foreign debt amounts to $240 billion...
...moneymen faced the immediate prospect of hanging, a few must have wondered whether they were in for a bit of financial drawing and quartering. For, as unsubstantiated rumors of everything from a cash squeeze on a major West German bank to a possible pending loan default by Bolivia swirled about, the somber-spirited financiers found themselves wrestling with the difficult task of trying to shore up sagging confidence in the world banking system...