Word: mexicanization
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Trying to halt the peso crisis besetting his new administration, Mexican President Ernesto Zedillo today signed a bullet-biting accord for wage and price restraints. Several hours later, in a nationally televised address, Zedillo tried to persuade ordinary Mexicans to join him in enforcing wage and price ceilings to avert any further devaluation or inflation. "Mexico is confronted with a serious economic crisis that will invariably affect the population and demand sacrifices by all," he said. Under the accord, business leaders would not raise prices on domestic goods, while workers would give up substantive pay hikes. Despite these moves, both...
...Mexican President Ernesto Zedillo, after just a month in office struggling to retain credibility as his nation's finances appear in disarray, today fired his treasury secretary and adopted an international bailout package which hopes to stabilize the peso. Treasury Secretary Jaime Serra Puche will be replaced by another U.S. trained economist, Guillermo Ortiz Martinez. The new package is designed to limit wage and price hikes and will also include unspecified financing from industrialized nations including the U.S. and Canada. Meanwhile, the value of the peso increased today, a second straight day of improving prospects for the nation's currency...
...peso rose 15 percent today, recovering from a chaotic week in which the Mexican currency lost more than a third of its value against other currencies. The gains came as a delegation from the International Monetary Fund arrived in Mexico City to review the country's precarious financial condition amid growing concern about the Mexican government's unwillingness to prop up the peso. But the market was also encouraged by word today from Southern Mexico that Indian rebels there are ready to resume negotiations with the government...
...Latin American figures such as Argentina's Minister of Economy, Public Works and Service, Domingo Cavallo, and former Mexican president Carlos Salinas de Gortari are Harvard graduates. They've embraced, and with a degree of success implemented, liberalization and the discipline imposed by its corollaries...
...left three sealed boxes in the office of the Attorney General. The boxes, he said, contained documents proving his boss and two prominent officials of Mexico's ruling Institutional Revolutionary Party, or P.R.I., had illegally attempted to block his investigation into the assassination of a leading politician. For a Mexican prosecutor to make a televised appearance is exceptional; to do so in order to call members of the P.R.I. "demons" and accuse them of unsubstantiated crimes is unprecedented. Yet the case that provoked Ruiz Massieu is deeply personal: the crime he has been investigating is the murder of his brother...