Word: mexicanization
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...Chiapas a Zapatista calling herself Major Ana Maria read to Mexican reporters a communique, supposedly from Marcos, that said the Zapatistas were willing to negotiate, ``but it is necessary that the government takes out its troops first.'' Government officials, relying on information from a defector known as Subcomandante Daniel, who is being held in a maximum-security prison near Mexico City, insist that the movement is made up of a mere 130 ``professionals'' and 500 militiamen and is being torn by dissension over Marcos' allegedly authoritarian ways. If encircled and forced to hide in the jungle long enough, military planners...
...elections in Jalisco and its capital city of Guadalajara showed Zedillo in a better light--because his party lost by a landslide. After more than 60 years of control at all levels of Mexican politics by the Institutional Revolutionary Party (P.R.I.), Zedillo has pledged to lead the country toward a real pluralistic democracy. To make good, Zedillo must show that the P.R.I. will allow honest elections and abide by the results. The P.R.I., in other words, can win back public confidence only by losing a few important elections. Many party reformers quickly resigned themselves to the victory--by more than...
...other big companies will also stiff their foreign creditors. Eduardo Cabrera, a Latin American investment strategist for Merrill Lynch in New York, says that Zedillo ``should have stepped in with a bridge loan or something'' to remove all fears of a default. The President did not, and the Mexican stock market dropped about 6% last Wednesday to a 17-month low. It recovered a bit by week's end, but the peso remained volatile, trading at one point at 6.4 to the dollar--its worst price yet--before recovering to close the week...
After Wednesday's market chaos, U.S. Treasury Secretary Robert Rubin met in Washington with Mexican Finance Minister Guillermo Ortiz for talks aimed at nailing down all the details and conditions of the $20 billion in loans and guarantees that the U.S. is prepared to extend, out of an international bailout package totaling almost $50 billion. A U.S. source described the talks as ``very hot.'' Lawrence Summers, Undersecretary for International Affairs at the Treasury and a participant, said the U.S. was insisting on ``very tough conditions'' to make sure the loans would be repaid. One condition is that...
...agreement still seems likely, but the question then will be whether it spells out a coherent Mexican financial policy. Felix Rohatyn, a senior partner at Lazard Freres & Co. in New York and an unrivaled expert on financial bailouts--he headed the one that saved New York City from bankruptcy in the mid-1970s--complains that ``Mexico hasn't come up with any strategy at all'' and adds, ``I`m very worried.'' Financiers complain in particular that Mexico has not decided what to do about the peso--whether to let its price float or try to stabilize it within some range...