Word: madrid
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Dates: during 1980-1989
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Throughout his first week in office, as he assumed the powers he will hold as President of Mexico for the next six years, De la Madrid acted like a man eager to set a new tone. His aim: to impose austerity, efficiency and, above all, "moral renovation"-a euphemism for honesty-upon a nation battered by economic troubles and demoralized by the latter-day excesses of López Portillo...
...other country has a greater stake hi De la Madrid's success than the U.S. Never in more than a half-century has the U.S. faced even the faintest threat of political instability or hostility along either of its two long, undefended borders. That prospect, no matter how remote, has inspired a blend of acute concern and well-intentioned sympathy for Mexico's plight. Says U.S. Ambassador to Mexico John Gavin: "We want Mexico to be free, and we want Mexico to be prosperous. Why? Enlightened self-interest...
...days after his inauguration, De la Madrid asked the 400-member National Congress to broaden the government's powers to crack down on graft. He announced a sharp cut in government subsidies for such basic commodities as sugar and gasoline. He sent a draconian budget to the Congress, calling for a $ 12 billion, or 50%, cut in the budget deficit for 1983. He also proposed an ambitious plan for government decentralization to help prevent urban paralysis in Mexico City, one of the world's most congested (pop. 16 million) and polluted capitals. The President then made a whirlwind...
...same time, De la Madrid is expected to undo quietly some of the excesses of his predecessor's final days in office. While respecting López Portillo's decision to take over the country's banks, he may try to divest the state of nonfinancial enterprises controlled by the banks that were also swept up in the nationalization move. In his inaugural address De la Madrid said that the government would support the "legitimate rights and incentives" of "responsible" entrepreneurs. The statement was seen as an endorsement of private enterprise, although De la Madrid also insisted...
...time being, De la Madrid enjoys the support of the power blocs within the P.R.I., including labor, peasants and the bureaucracy. One important figure to watch is Fidel Velásquez, 82, head of the 3.5 million-member Confederation of Mexican Workers, the country's most powerful union organization. After the February devaluation of the peso, Velásquez won wage increases of 10% to 30% for Mexican workers. As a result, the devaluation did not significantly help the competitiveness of Mexican exports, and inflation moved toward the three-digit range. On the eve of De la Madrid...