Word: peso
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What is it with the peso crisis south of the border? Are we talking about a brief time-out in the hat dance of prosperity or a massacre at the investors' Alamo? If you listened to your broker a few months ago and bought Telefonos de Mexico, Cifra or Grupo Televisa -- or shares in a Mexico mutual fund -- should you be jumping out or staying...
Royds isn't rushing out with buy orders the way Ramos is, however. Her view is that Mexican stocks may be cheap but that at the moment there's no way to tell. The peso crisis has thrown all the best-laid economic forecasts out the window, so the educated guesses on next year's growth rate, inflation rate and interest rates have become wild guesses. So much is up in the air, in fact, that it's impossible to make predictions about corporate earnings, and as everybody knows, if earnings are a mystery, you can't possibly say whether...
...Zedillo wasn't sure how big his nightmares could be, he is now. So are millions of Mexican citizens, a good many battered international investors and the world at large. All it took was a few wild days of free fall by the Mexican peso, which hit the ground with a force that shattered some bright assumptions about the immediate future for what had seemed one of the most promising economies in the developing world...
After his Finance Minister said publicly just 10 days earlier that the currency would not be devalued, Zedillo used the occasion of a potential December uprising in Chiapas first to nudge the peso downward, then abruptly to let it float against the dollar. Plummet is what it did instead. In a world where international investment money can cross borders with a few taps on a computer keyboard, a thunder of key taps arose from the offices of stunned investment-fund managers in New York City and other financial centers. As they swiftly dumped Mexican securities, the peso went into...
...which is tied to Mexico more closely than ever by NAFTA, it is important that Zedillo solve all of these problems. Mexico's long-term prospects still look good. But the peso mess raises questions about the ability of the nation's leaders to ensure the stability of Mexico, the U.S.'s second largest trading partner, where Americans hold more than half of all direct investment. Wary of appearing to be managing Mexico's affairs, the White House kept silent for most of last week, even as it worked overtime to arrange an international peso-rescue package of as much...