Word: chiles
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...years of fiscal mismanagement in Argentina. Moreover, though Illia's government announced bravely that it would now deal independently with the nation's creditors in Europe, the U.S. and Japan, hardheaded foreign bankers are not likely to stretch out repayment terms-as they did for Brazil and Chile -without IMF backing for the Argentine government. Meanwhile Illia announced new export taxes that will virtually cancel out any profits that exporters stood to gain through exchange devaluation...
Inevitably, less effort and less time have gone into the development of younger democracies. Latin America boasts half a dozen democratic regimes-at the moment. The stablest are Chile, with more than 40 years of fairly literate, honest politics, and Costa Rica. The others are Peru, Venezuela, Colombia and Uruguay, and they are all beset in varying degrees by violence and the threat of periodic coups. But at least at present, their democratic machinery is more or less intact...
...Richter scale (v. 8.5 for the 1960 quake), and for two hours it set seismographs squiggling as far away as central Italy, 7,500 miles to the east. Reports from Santiago told of 200 houses heavily damaged; amazingly, only four people were dead and ten injured. In Valparaiso, Chile's major seaport, close to 30% of the buildings were damaged with 15 persons killed. Throughout the central part of the country, water mains burst, buildings collapsed, and whole towns seemed to dance...
...effect the quake would have on Frei's urgently needed reform program in the areas of land, housing, school and industrial development. In new elections last month, Frei's Christian Democrats won an absolute majority in the Chamber of Deputies and planned a full-scale assault on Chile's ills. They still plan to proceed despite the added burden of digging out from the earthquake...
President Johnson immediately offered U.S. assistance, and Frei responded with a request for "flour, condensed milk for children, and vehicles to transport water." Yet Chile's President did not ask-or expect-a massive infusion of emergency funds. He intends to float a special bond issue at home to finance reconstruction, thus leaving the $1 billion national budget intact. "We cannot appeal to the world every four years to help us lift ourselves from the ground," he said. "We Chileans ourselves will raise the towns that were destroyed...