Word: mexicanization
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...very long list of questions. The International Monetary Fund and many major banks, as well as the U.S. government's optimistic and helpful position, will undoubtedly make both international and local investors once more feel comfortable about putting many, if not all, of their eggs in the Mexican basket...
Since the Peso devaluation, many journalists have been scrambling to say Ross Perot was not correct when he predicted the perils of the North American Free Trade Agreement. In hindsight, they say, of course, everybody knew that the Mexican peso was overvalued, that the financial reserves were declining and that Mexican imports greatly exceeded exports! Give Ross the credit he deserves; he had the courage to state the obvious when many others closed their eyes during the NAFTA debates...
...Clinton worked on finishing touches late last week, another crisis loomed. His proposal to provide $40 billion in loan guarantees to the Mexican government ran into an unexpectedly hostile reception on Capitol Hill. His Democratic allies in the House, still smarting from their failure to stop nafta in 1993, pressed the President for concessions from Mexico City on more favorable labor practices and environmental regulations. House Republicans, though philosophically supportive of the Clinton plan, balked at providing the rest of the votes unless Clinton took a firmer public stand against the demands of the liberal Democrats. Clinton was forced...
That suited Newt Gingrich and the Republicans just fine: the Mexican crisis was now sure to hang over Clinton's head Tuesday night. With less than a week to go before the likely vote on the loan guarantees, only 33 of 204 House Democrats agreed to back him. And Latin financial markets were getting the jitters...
...Mexico's battered economy stabilized after President Clinton -- backed by congressional Republicans -- said the U.S. stood ready to help. The American offer: as much as $40 billion in loan guarantees. Mexican stocks, which had fallen early in the week, rose after the announcement. Still, Mexicans remained anxious about their country's fiscal health. Said a Mexico City electronics dealer: "This is a time bomb. People will take to the streets." Hundreds of upper-middle-class housewives did, marching on the presidential residence with their cellular phones in hand and their maids alongside waving banners demanding TRUTH AND DEMOCRACY...