Word: mexicans
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Dates: during 1980-1989
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...cash-strapped country to meet payments on the $97 billion it owes to foreign countries. Some economists now estimate that Mexico stands an 80% chance of defaulting on its mountain of debt. Several experts say that conditions are already more dire than in 1982, when a temporary Mexican default sent ripples of panic through the international financial system...
...Mexican government officials have been pressing U.S. banks and other lenders to relax their terms and extend to the country at least an additional $4 billion in new loans. President Miguel de la Madrid Hurtado warned that bankers must share "the responsibility and sacrifice" of solving Mexico's financial ills. So far, though, creditors have been wary of risking new money...
Meanwhile, tens of thousands of Mexicans have demonstrated against austerity measures that De la Madrid has imposed since 1982 in an effort to pay interest on the country's loans. The belt tightening has slashed government spending, shoved the economy into a painful recession, and boosted unemployment to about 15%. "The political system is being pushed into a corner," says Jonathan Heath, senior economist for Ciemex-Wharton, the Mexican division of Philadelphia-based Wharton Econometric. "A lot of people in the government want default, and though they are not the ones with the most clout now, at any given moment...
Jorge Pinto, Mexican minister for economic affairs in Washington, D.C., told a Lamont Library audience of more than 100 that his country needed a reduction in its debt payments so that it could grow economically. "We cannot pay if we do not grow. Trade and foreign investment are not enough," he said...
Wilson's animosity toward the Huertistas led him to seek any pretext for an American intervention in Mexican affairs. He then manipulated an incident in which American naval officers were erroneously arrested--and quickly released--by apologetic Huertista forces to garner Congressional and public support for his policy. Wilson's stubborness led to a deployment of American sailors and Marines in Mexico that he later regretted. Only the looming European war prevented the outbreak of full-scale war between the U.S. and Mexico...