Word: mexicanization
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Which countries have the best chance of making privatization pay off? Germany probably heads the list; transforming the eastern economy will be expensive, but the nation will have sufficient capital. In the Third World, countries like Mexico appear to be good bets. The Mexican government directs at least some of the proceeds from asset sales into improving education, health care and a crumbling infrastructure -- investments intended to pay off in future economic development. Using the money to pay off foreign debt, as Argentina has done, seems a riskier course. Unloading national assets without attracting new capital is somewhat akin...
...steal of the century! A one-time-only offer! Get a great deal on a Mexican phone company! Pick up a Philippine airline -- cheap! Buy a Pakistani ghee factory for a song! Hurry, hurry, hurry for unbeatable bargains...
Next to Chile, Mexico enjoys the best odds of making privatization work. Former President Miguel de la Madrid sold the Aeromexico national airline for $193.8 million to a group of Mexican investors in 1988. Sales took off after Carlos Salinas de Gortari became President later that year. Mexicana, the other state-owned airline, was sold for $140 million to a consortium including Mexico's Group Xabre conglomerate and the Chase Manhattan Bank. Next to hit the auction block was Cananea, one of the largest copper mines in the western hemisphere, sold last summer for $475 million to Mexican copper baron...
...greatest fiction spanned the years 1938 to '51: Brighton Rock (1938), The Heart of the Matter (1948), The End of the Affair (1951) and, most hauntingly, The Power and the Glory (1940). The pilgrimage of the nameless "whiskey priest," on the run in a Mexican state from a sectarian tyranny, remains a thrilling adventure of despair and irrational redemption...
Last week the worsening conditions prompted Mexican President Carlos Salinas de Gortari to step up his antipollution campaign by shutting down the giant oil refinery at Azcapotzalco in northwestern Mexico City. In operation since 1933, the facility had provided 34% of the city's gasoline and 85% of its diesel fuel. But it also spewed as much as 88,000 tons of contaminants into the atmosphere each year and was responsible for up to 7% of the city's industrial air pollution...