Volume 21, Number 5 · April 4, 1974
A Country Dying on Its Feet
By V.S. Naipaul
Interest rates went down in Uruguay this year. Last year, at the height of the Tupamaro crisis, you could borrow money at 60 percent. The interest, payable in advance, was immediately deducted from the loan; so that, having borrowed a million pesos, you left the bank with 400,000. And that was good business, with the peso losing half its value against the dollar during the year, and with inflation running at 92 percent.
Feature, 2839 words
To read the full text of this piece, please choose one of the following options:
|
If you are already a subscriber to the Review's electronic edition, please sign in: |
To subscribe to the electronic edition, please press the button below. |
To purchase access to this article for $3, please press the button below. |