Word: ernesto
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...Mexican Finance Minister Guillermo Ortiz Martinez undertook the unenviable task of charming, consoling and begging the forgiveness of three American credit-rating agencies, the heads of a dozen U.S. commercial banks and 400 investors and analysts who lost nearly $10 billion last month when Mexico's newly minted President, Ernesto Zedillo Ponce de Leon, abruptly allowed the peso to float against the dollar. To the investors, whose stampede to pull their money out of Mexican stocks and bonds stripped the peso of 41% of its value, Ortiz's message was, Come back, the government has an economic plan to deal...
...long after he took office last month, Mexico's new President, Ernesto Zedillo Ponce de Leon, received a note of congratulations. The sender was Subcommandant Marcos, the masked, green-eyed leader of last year's bloody rebel uprising in the remote southern highlands of Chiapas. What it said was not exactly cordial, but it was to the point: "Welcome to the nightmare...
...already almost doubled since the devaluation, to hover around 40%. Credit-card rates are more than 50%. Yet another problem will be how to keep a lid on inflation, which the devaluation is sure to fuel. Perhaps the biggest will be to restore confidence in the fledgling presidency of Ernesto Zedillo...
Trying to halt the peso crisis besetting his new administration, Mexican President Ernesto Zedillo today signed a bullet-biting accord for wage and price restraints. Several hours later, in a nationally televised address, Zedillo tried to persuade ordinary Mexicans to join him in enforcing wage and price ceilings to avert any further devaluation or inflation. "Mexico is confronted with a serious economic crisis that will invariably affect the population and demand sacrifices by all," he said. Under the accord, business leaders would not raise prices on domestic goods, while workers would give up substantive pay hikes. Despite these moves, both...
Mexican President Ernesto Zedillo, after just a month in office struggling to retain credibility as his nation's finances appear in disarray, today fired his treasury secretary and adopted an international bailout package which hopes to stabilize the peso. Treasury Secretary Jaime Serra Puche will be replaced by another U.S. trained economist, Guillermo Ortiz Martinez. The new package is designed to limit wage and price hikes and will also include unspecified financing from industrialized nations including the U.S. and Canada. Meanwhile, the value of the peso increased today, a second straight day of improving prospects for the nation's currency...