The New Paraguay

For decades a rigid dictatorship, Paraguay is embarking on a privatization and foreign-investment campaign under recently elected President Juan Carlos Wasmosy. Although "it is difficult to change an economy [that] was in state hands for 40 years," Wasmosy says he'll privatize the landlocked nation's steelmaking, railroads, electric-power distribution, and phones. Paraguay also is one of the developing countries opening stock markets: Asunci n's new bolsa starts trading Oct. 11.

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