Word: madrid
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...enforcement has worked to the advantage of both. The U.S. has used Mexico as a backup labor source, and Mexico has counted on the annual flow of its natives as a "safety valve" for relieving the pressure of its high unemployment. Although the Mexican government of Miguel de la Madrid Hurtado has avoided taking a public position, Mexican leaders complain bitterly in private that the U.S. is making a unilateral decision about a problem the countries share and is "criminalizing" the immigrants...
Nonetheless, Shultz was confronted with an uncommon degree of rancor among State Department officials after word came that Enders, an architect of U.S. policy toward Central America, was about to be shuffled off as Ambassador to Madrid. Professional diplomats at State became increasingly outraged over a steady stream of anonymous denigrating comments about Enders that emerged from the White House. Among the accusations: that, contrary to White House policy, Enders favored conciliatory negotiations with the guerrillas in El Salvador; that he insisted excessively on the importance of emphasizing economic as well as military aid to El Salvador in President Reagan...
...billion, and only last summer it tottered on the brink of national bankruptcy. Now, however, the country appears to be making some headway toward dealing with the debt, which is expected to cost $10.5 billion in interest payments this year alone. The new government of President Miguel de la Madrid Hurtado, which was inaugurated in December, has begun an austerity program aimed at slashing Mexico's huge budget deficit, halting unnecessary government spending programs and slowing its virulent, 116% inflation. If the world economic recovery continues, Mexico may be able to step back from the brink. Says Finance Secretary...
...Madrid began the belt tightening by devaluing the peso immediately after taking office. At the same time, he adopted very strict measures to bring down inflation. The goal is an annual rate of 55% by year's end. Consumer interest rates were increased from 40% to 70% per year, gasoline prices were doubled, and a 15% value-added tax was slapped on all but the most essential goods...
...strategic reserve oil purchases from Mexico, $1 billion in short-term funds to tide the country over, and another $1 billion in credits for such commodities as corn and beans. The International Monetary Fund gave promise of support but in return demanded the austerity program that De la Madrid has put in place...