Word: madrid
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Dates: during 1980-1989
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...most helpful kind, is anathema to Mexican leaders. The U.S. infusion of cash that averted Mexican bankruptcy last summer, for example, was arranged with a minimum of fanfare and rhetoric. Says a Washington-based expert on Mexico: "The most important thing we can do for De la Madrid is not to smother him in our embrace...
Mexico's new Secretary for Commerce, Héctor Hernández, summed up his nation's expectations in a speech to foreign bankers and investors only two days after De la Madrid's inauguration. "There are no magic formulas to solve the problems," he said. "The miracle must be made by Mexicans themselves." If the U.S. can learn anything from the tribulations of its neighbor, it is that Mexico has become a mature enough force in the world to decide how to face its own problems...
...problems that De la Madrid confronts at home are even more nightmarish than those that worry bankers abroad. Inflation, which stood at 60% as recently as August, has reached nearly 100% and is expected to climb further next year. The peso has lost more than three-quarters of its value against the U.S. dollar in the past ten months. In a country that reveled in growth rates of 8% or higher for four years, the economy has come to a virtual standstill. Next year will be even worse: gross domestic product is expected to decline 2% or more. The unemployment...
...water supply in Mexico's major food-producing states of Chihuahua and Sonora is Mexican confidence in the future. Says a U.S. businessman in Mexico City: "People are scared and confused. There is no confidence left in the government, and people are going to give De la Madrid only so long to prove he can be trusted. If there is no sign of change in a few months, a lot of Mexicans are just going to leave the country." Many of them have already done the next best thing: they have exported their money. By some estimates, as much...
...domestic product this year to 8.5% in 1983 and 3.5% in 1985. That will involve a painful pruning of personnel from the country's more than 1,000 state and quasi-government organizations, plus a sharp curtailment of Mexico's dense fabric of price subsidies. De la Madrid's announcement that he was lifting price controls on 2,700 items is only the beginning...