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G-50 Timeline
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The G-50's Sixth Annual Meeting takes place and features such guests as William Haseltine, founder of Human Genome Sciences, Joseph Stiglitz, Chief Economist of the World Bank, Strobe Talbott, Deputy Secretary of State, and Peruvian novelist Mario Vargas Llosa.
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In January, Itamar Franco - the governor of Minas Gerais and a strong opponent of President Cardoso - announces a 90-day moratorium on the servicing of his state's debts accumulated with the federal government. Other state governors announce that they intend to renegotiate their debts with the federal government, weakening investor confidence and intensifying an already precarious budgetary situation.
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Former coup leader Hugo Chávez is sworn in as President of Venezuela in February.
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Luis González Macchi is sworn in as President of Paraguay following the forced resignation of President Raul Cubas in March.
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In an attempt to lower the country's fiscal deficit, Argentine President Carlos Menem increases taxes in April. The country's recession intensifies.
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Peru captures in July Oscar Ramírez Durand, alias Feliciano, the leader of the Shining Path rebel group since the 1992 capture of its founder, Abimael Guzman.
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The Government of Colombia unveils the $7.5 billion "Plan Colombia" in December, which focuses on economic growth, fiscal policy, human rights, security issues, anti-drug initiatives and social participation. The United States responds with a $1.3 billion aid package.
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In December, Nicaragua initiates an economic and diplomatic offensive against Honduras, breaking commercial ties over a maritime treaty between Honduras and Colombia, which formally recognizes a demarcation that grants Colombia and Honduras thousands of square kilometers of Atlantic waters claimed by Nicaragua.
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Nearly 100 years of U.S. control of the Panama Canal ends on December 31, when 70,000 acres of former U.S. military land and more than 5,000 buildings revert to Panama.
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