Word: perez
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Before she turned nine years old, a pretty Texas girl named Selena Quintanilla Perez was already singing at roadhouse dance halls and weddings, purveying a bright, up-tempo version of traditional Mexican-American border music. A little more than a decade later, she was the Grammy-winning queen of the booming "Tejano" music market, playing to crowds of 60,000 and selling more than 1.5 million records in the U.S. and Mexico. "Never in my dreams would I have thought that I would become this big," she told TIME in a recent interview. "I am still freaking...
Fifteen hundred miles south, in the Sierra Negra, lies a poorer and more conservative Mexico. Here along the dry river beds suspicion of Uncle Sam remains pronounced. ``How did Mexico fall so quickly?'' asks Serafin Perez Nava, mayor of San JoseTetla (pop. 800). ``Under Salinas we thought we had prestige, but it washed away like a sand castle. Now they are mortgaging our country. What happens later if we can't pay our debts? Will the U.S. then ask for part of our territory?'' Carlos Garcia Moreno teaches 17 children in a one-room schoolhouse. His $70-a-week salary...
Then things changed. In May 1993 Perez was impeached for corruption involving the misuse of public funds; he is currently on trial. In early 1993 the economy also took a sharp downturn. The crunch hit hardest at real- estate and construction companies. As they started to default, the banks attempted to compensate by offering sky-high interest rates--up to 18 percentage points above going levels--to attract new depositors and fresh funds. The most aggressive was Banco Latino. Within weeks of Banco Latino's takeover by the government, arrest warrants were issued for 82 of its directors and managers...