Word: madrid
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Dates: during 1980-1989
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...middle class, rather than the desperately poor, that De la Madrid must worry about. Public confidence in the country is sinking along with the economy. Mindful of Lopez Portillo's earlier promise of abundance, Mexicans, as one well-connected local lawyer put it, "feel deep bitterness at the deception." That, in turn, raises the specter of instability in Mexico, a matter of major concern to the U.S. Talk of a military coup is circulating on the dinner-party circuit in Mexico City. There is little likelihood of such a thing: the Mexican military has stayed removed from civilian affairs...
...majority of the ballots of Mexico's 31.6 million registered voters in the July 4 presidential elections will not be tallied until this week, but Miguel de la Madrid Hurtado, 47, a shy, Harvard-educated technocrat and lawyer, has nothing to worry about. He is sure to take office on Dec. 1 as Mexico's 21st President since its epochal revolution of 1910. Like most of his predecessors in the 53-year history of Mexico's monolithic and dominant Institutional Revolutionary Party (P.R.I.), De la Madrid was the personal choice of the man he was replacing...
...Madrid will need all the help he can get. His extravagant campaign was a sign that the P.R.I. was running scared, and with reason. The U.S.'s populous (72 million) and oil-rich southern neighbor is in the throes of a profound economic and social crisis. Inflation is running at an annual rate of about 60%, and last February the Mexican peso suffered a 40% devaluation. The country's current foreign debt is about $52 billion, among the highest in the Third World. Nervous investors have pulled some $6 billion of their capital out of the country...
...Madrid told TIME last week...
...Madrid must make tough decisions to help the floundering economy. He will have to continue the 17-point austerity program belatedly begun by the lame-duck Lopez Portillo administration. Among the targets: a reduction of the government's budget deficit from 15% of the G.D.P. to 3% by the end of 1985, import restrictions, government hiring freezes and probably a hike in Mexico's heavily subsidized energy prices. The current price of gasoline...