Word: spain
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...weapon: the Likud's knowledge that it must not cause too much trouble between now and October, when Peres is due to exchange jobs with Foreign Minister Yitzhak Shamir, the Likud leader. Later in the week Peres scored a victory of another kind: the establishment of diplomatic relations with Spain for the first time. CANADA Markets on the Mind...
...accelerate this year and endure well into 1987. And, thanks to falling oil and commodity prices, inflation is expected to drop further. That was the encouraging assessment presented by TIME's European Board of Economists at its twice-yearly meeting, which was held this time in Madrid to mark Spain's and Portugal's entrance into the European Community...
...joining the European Community on Jan. 1, Spain and Portugal have declared an end to centuries of economic isolation. Their tariff walls will gradually be dismantled, and the two countries will take on both the risks and rewards of in creased trade with their neighbors. For an assessment of what this change will mean for the economies of Spain and Portugal, TIME invited Jose Luis Leal, Spain's Minister of the Economy in 1979 and 1980, to the Madrid meeting of its European Board of Economists. His conclusion: Spain and Portugal might suffer a few short-run shocks from...
Economic reform has been slow in both Spain and Portugal since the two countries ended authoritarian regimes and established democratic governments in the 1970s. The Spanish government has encouraged the shrinking of old-line industries, including steel and shipbuilding, as a way of shifting resources to businesses with brighter futures. But in the process, unemployment has risen to about 20%, from 5.3% in 1977. in Portugal, political instability, which has resulted in 16 governments in the past twelve years, has held back economic progress. The country's per capita annual income is $1,900, less than a third...
Paradoxically, the depressed economic conditions in Spain and Portugal could give them an advantage in trade with the rest of the E.C. Reason: wages are comparatively low in both countries, and that helps keep prices modest. Leal pointed out that some Spanish agricultural prices are 17% to 20% less than those of other E.C. countries. Joining the Community should enable Spain to boost its exports of fruits, vegetables and wines. Portugal is likely to increase its shipments of textiles and shoes...