Word: mexicanization
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Dates: during 1990-1999
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...chairman of international operations for Goldman Sachs. For Clinton, the overriding goal was to prevent a financial crisis whose victims could have included up to 700,000 Americans holding jobs tied to exports to Mexico. In the past six weeks, U.S. manufacturers have already sharply pared their forecasts for Mexican business; Ford chairman Alex Trotman conceded last week that his company's plans to double exports to Mexico in 1995 were now just ``a pipe dream.'' Instead, the industry expects total Mexican sales to fall by one-third from last year's total of 600,000 vehicles...
...that's just what disturbs many critics of the bailout, who regard Mexico as a stumble-prone country that will inevitably be back for another tourniquet. ``We're bailing out a Mexican government that has mismanaged its economic affairs for as long as I've been an adult,'' says Democratic Representative Marcy Kaptur, a leading opponent of the rescue plan...
Part of the trouble reflects Mexico's success in opening up its once locked-tight markets to foreign goods. Under NAFTA the country accelerated its consumption of imported products ranging from shampoo to computers that drove thousands of inefficient domestic firms out of business. Now many Mexican companies can't find local replacements for foreign suppliers, whose prices have jumped as much as 50% since Zedillo devalued the peso...
Despite such success stories, the widespread Mexican hardship puts enormous pressure on Zedillo, a Yale-trained economist who took office Dec. 1, to ease his austerity campaign. But that would almost certainly destroy foreign confidence in Mexico's ability to regain its footing and would thus send the peso slipping again. ``This time there's no free lunch,'' says Mauricio Gonzalez, managing partner of a Mexico City consulting firm...
...member said of last week's Executive Order, ``but about mutual funds and pension funds, and that means average Americans.'' People, for instance, like Anna Stathas, 76, and Angeliki Palassopoulos, 72, who on Dec. 27 sued the La Jolla, California, office of Merrill Lynch for putting them into a Mexican fund. Their suit charged that they lost nearly half the $73,000 they invested after Merrill Lynch failed to warn them of the risks. (The firm says the fund's prospectus clearly stated the risks...