Word: mexicans
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Dates: during 1980-1989
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Though the U.S. and other industrial nations have managed to cobble together a package of some $1.85 billion in credits to help the Mexican government meet its obligations for the next few months, longer-term aid will likely have to come directly from the IMF. The government of President José López Portillo has asked for between $4 billion and $5 billion in three-year credits, but before granting it, the fund is expected to insist on a package of tough austerity measures that may include higher taxes and a sharp cutback in government spending...
...such steps are needed to strengthen the country's finances, but whether Mexico will prove amenable to adopting those measures remains in doubt. Adding to the uncertainties, the López Portillo government two weeks ago appointed a socialist-oriented economist, Carlos Tello Macias, as head of the Mexican central bank, replacing the director, who had unexpectedly resigned as the financial crisis deepened...
Shock waves from the Mexican economic slump have already jolted dozens of American border towns from the Gulf of Mexico to Southern California. Merchants in these communities have long depended for much of their business on Mexicans coming across the border to shop. Now the value of the peso has dropped so low that Mexican purchasing power has dried...
...American Government has also moved decisively to aid Mexico. The U.S. Commodity Credit Corp. is guaranteeing $1 billion in private bank loans for Mexican companies to buy American agricultural products. In addition, the Reagan Administration has agreed to give Mexico an advance payment of $1 billion on future oil deliveries for the U.S. strategic petroleum reserve. The hope is that this cash transfusion will help give Mexico enough time to turn things around. Washington realizes all too well that a Mexican economic collapse would be too close to home for comfort. -By Charles Alexander. Reported by Jay Branegan/Washington and Laura...
...Lopez is one of a record number of illegal immigrants pouring daily across the 2,000-mile-long U.S.-Mexican border in search of new jobs and new lives. Before the recent economic troubles began, there was a steady stream of aliens entering the U.S. from Mexico. Now this stream has become a flood that is deeply disturbing U.S. labor leaders, who fear that the new arrivals will accept low wages and take jobs from American workers at a time of high unemployment. More than half a million Mexicans made the crossing in 1981, and border police expect a much...