NICARAGUA: These Piggies Went to Market

NICARAGUA: These Piggies Went to Market

Shoppers knew what was coming. In a burst of desperation buying, they emptied store shelves of anything that was for sale. Merchants knew too. Many of them closed their doors, preferring to be stuck with rotting merchandise rather than the worthless currency known derisively as "piggies." When the government of President Violeta Barrios de Chamorro officially devalued the cordoba last week to a stratospheric 25 million to the dollar, most Nicaraguans were simply glad the waiting was over.

The long-rumored shock therapy illustrated the year-old government's failure to stabilize a chaotic economy. Inflation, which last year topped 13,000%, is still out...

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