ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Delusions of Self-Sufficiency

Aquino sees the cessation of hostilities with the communists in the countryside as a prerequisite to every other programme which she might want to implement. For one thing the country's economy is in a shambles. Only last month the government began talks with the representatives of its 483 creditor banks to renegotiate and reschedule the $ 3.6 billion debt falling due over the next six years. The current repayment schedule would have meant that the country would have to part with 50 per cent of its foreign exchange earnings over the period. If the spiralling unemployment is not halted, the government is well aware that it might directly and indirectly lend further support to the insurgency On the other hand, unless there is an appearance of calm, especially in the countryside, foreign investors will not come back and domestic investments will remain low. The country's well-recognised advantages for investors

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