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History, Morinigo and Chavez

barter agreement, price controls, general elections, faction, wage

In 1940 General Higinio Morinigo had made himself president and ruled as a dictator for the next eight years. A coup d’etat deposed him in 1948. In September 1949, Federico Chavez, an army-backed leader of a faction of the dominant Colorado Party, was elected president without opposition. He imposed a dictatorship much like that of Morinigo. In March 1951 the Chavez regime devalued the currency in an attempt to check inflation and the loss of gold reserves. The economic crisis was aggravated in 1952, when Argentina, itself the victim of depressed economic conditions, abrogated a barter agreement with Paraguay. During the year legislation granted various benefits to workers. In general elections held on February 15, 1953, President Chavez was reelected, again without opposition. He imposed wage and price controls in June 1953 to check inflation. On May 5, 1954, his government was overthrown by an army-police junta.



Article key phrases:

barter agreement, price controls, general elections, faction, wage, dictatorship, economic crisis, currency, opposition, Argentina, Paraguay, workers, attempt, leader, government, years

 
 

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