Peru Takes Drastic Economic Turn: Newly inaugurated...
From Times Staff and Wire Reports
Peru Takes Drastic Economic Turn: Newly inaugurated President Alberto Fujimori, facing a devastated economy, inaugurated an economic austerity program that freed the monetary exchange rate, lifted price controls and raised the price of gasoline by nearly 3,000% to equal $1.12 a gallon. The government attempted to soften the blow to consumers by ordering wages increased 100% to a maximum of $125 a month.
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