Word: mexicans
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Dates: during 1980-1989
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Amid a crescendo of applause from supporters, López Portillo announced that his government was nationalizing all Mexican banks and imposing strict currency controls to stop the flight of capital from the country. "It is now or never," he said. "They [the speculators] have already plundered us. But Mexico is not finished. They will never plunder us again...
...controlling the banking system, the Mexican government hopes to slow the currency outflow. Under regulations now in force, most dollars in Mexican bank accounts, a total of about $12 billion, will be frozen and not allowed to leave the country. People who withdraw their money must accept it in pesos...
...seizure of banks by the Mexican government may also be ineffective or counterproductive. After French President François Mitterrand nationalized his country's banks in February, many edgy foreigners pulled bank deposits out of France, and that helped push the franc to record lows. Bruce Bagley, an associate director of the Johns Hopkins School of Advanced International Studies, thinks investors will be even more hesitant to keep money in Mexico's nationalized banks because of the government's reputation for corruption...
Three weeks ago the Mexican government rocked the international financial community by declaring that it could no longer afford to make payments on its $80 billion debt...
Knowing that a Mexican default could destabilize the entire global monetary system, the central banks of the leading industrial countries last week announced a new short-term loan of $1.85 billion. Continued unease about Mexico's finances and a rumor that Argentina is also close to default helped send the price of gold in London up $50 in two days last week...