Word: mexicanization
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Dates: during 1980-1989
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...biggest casualty of dropping prices will be Mexico, which owes foreign creditors $96 billion and earns about 70% of its export income from oil. Mexican financial officials told creditor banks only last December that the country would need to borrow an additional $4 billion to stay abreast of its payments during 1986. But declining oil prices changed that estimate almost overnight. When Mexican government officials met again with bankers last week in New York, their projected borrowing needs had increased to $9 billion...
...Mexican writer Elena Poniatowska's observation that "aborigines and immigrants and poorer Australians don't have much to do with the sexy, healthy, multi-orgasmic highly successful Australian woman who jog, drink cocktails and relax in their bathtubs" points out that the sexual revolution has been primarily a bourgeois one for Western audiences who can afford to dwell upon appeasing libidos instead of hunger. Emecheta claims that Western women have, in fact, undervalued themselves by staying within the capitalist framework and focusing on the need to "relearn how to be a woman." Her claim echoes other Third World feminists...
...going through an emergency, a very real one." So said Mexico's Finance Minister, Jesus Silva Herzog, as he emerged from a conference on the international debt crisis in London last week. Silva Herzog was not alone in that assessment. In the Caribbean resort town of Cancun, his boss, Mexican President Miguel de la Madrid Hurtado, was closeted for 13 hours with Venezuelan President Jaime Lusinchi to discuss the plummeting world oil prices that are squeezing their heavily indebted economies. The two issued a communique expressing their "profound concern" over conditions in the oil market, which, they said, created...
...result of De la Madrid's economic programs, unemployment may be as high as 20%, while annual inflation remains at more than 60%. Says Fidel Velazquez, leader of the 3.5 million-member Confederation of Mexican Workers: "The majority of workers cannot endure more sacrifices...
Tumbling prices hurt Mexico because the Latin nation gets 70% of its export revenues from oil, which Mexicans have dubbed the economy's "fat cow." But that once ample creature is growing leaner by the day. So far, the drop in crude has cut $2.5 billion from Mexico's anticipated 1986 earnings, and the country may not be able to stand much more. "Falling oil prices will have an impact on a Mexican budget that is already stretched to the limit," says Economist Rogelio Ramirez de la O. He estimates that a sustained price...