Word: madrid
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...Madrid inherits a national crisis with the presidency...
...majority of the ballots of Mexico's 31.6 million registered voters in the July 4 presidential elections will not be tallied until this week, but Miguel de la Madrid Hurtado, 47, a shy, Harvard-educated technocrat and lawyer, has nothing to worry about. He is sure to take office on Dec. 1 as Mexico's 21st President since its epochal revolution of 1910. Like most of his predecessors in the 53-year history of Mexico's monolithic and dominant Institutional Revolutionary Party (P.R.I.), De la Madrid was the personal choice of the man he was replacing...
...Madrid will need all the help he can get. His extravagant campaign was a sign that the P.R.I. was running scared, and with reason. The U.S.'s populous (72 million) and oil-rich southern neighbor is in the throes of a profound economic and social crisis. Inflation is running at an annual rate of about 60%, and last February the Mexican peso suffered a 40% devaluation. The country's current foreign debt is about $52 billion, among the highest in the Third World. Nervous investors have pulled some $6 billion of their capital out of the country...
...Madrid told TIME last week...
...intensity with which their fans follow this pursuit approaches religious devotion. In neighborhoods from Moscow to Madrid, from Bangkok to Buenos Aires, national teams are regarded as epiphanies waiting to appear. Success in Spain this year will spark nationwide apparitions of greatness. Nor is there any agonized waiting for the miracles...