Word: echeverria
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Troubled by Echeverria's uncertain response to the fiscal crisis, Mexican and foreign investors were bothered this year by the fact that the President was not behaving at all like a lame duck. While López Portillo was busy campaigning, the mercurial "Don Luis" continued working an 18-hour day-fueling rumors spread by his conservative critics that he intended to stay in power, possibly by means of a military coup. His last major act as President was a political shocker. Charging that wealthy landlords had violated Mexican law by masking their holdings under relatives' names, Echeverria...
...seizure brought screams of rage from landowners and their allies. With the powerful industrialists known as "the Monterrey Group" in the lead, businessmen shut down shops and factories in cities across the country in a 24-hour sympathy strike. Full-page newspaper ads accused Echeverria of "attacking the productive men of Mexico." Privately, business spokesmen charged the President with seeking to impose a "socialist or Communist system." As aroused campesinos in neighboring Sinaloa prepared to occupy vast new acreage last week, Echeverria balked. To avoid a bloody clash between the peasants and landowners, he announced a compromise: only a token...
...days," says one Mexican banker, "will be as important as F.D.R.'s in 1933. He must act boldly and quickly." The most critical challenge is restoring Mexicans' confidence in their own economy. To do so, he may have to conciliate industrialists and foreign lenders by trimming Echeverria's spending projects and undertaking a deflationary program of austerity. Although he has seldom revealed his plans, López Portillo will undoubtedly try to prune Mexico's huge, corruption-riddled civil service. Over the objections of union leaders, he may try to impose new ceilings on wages...
Born in 1920 to what he describes as a "typically middle-class family," López Portillo has lived all his life in Mexico City. There, as a student at the University of Mexico, he became a close friend of Echeverria's. After practicing law and lecturing on political science at the university, López Portillo began a series of technical appointive jobs for government ministries in 1958. His briefs laid the legal foundation for President Gustavo Diaz Ordaz's administrative reforms in the 1960s and earned him a reputation as an effective troubleshooter. In that capacity...
Presidential candidates chosen by Mexico's dominant P.R.I. (Partido Revolucionario Institutional) are as certain of election as machine aldermen in Chicago. For that reason, power tends to drain rapidly from their lameduck predecessors as Presidents-elect stake out their policies. Since he was tapped to succeed Luis Echeverria as Mexico's President 14 months ago, José López Portillo has broken with that tradition. Even though he carried out a grueling 40,600-mile campaign from the oilfields and swamps of Tabasco to the high sierra, "Don Pepe" has promised only to govern by the "laws...