Word: peso
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There is a new desperation among the fleeing Mexicans. An economic austerity program imposed last year sent the value of the peso plummeting further, making the 36% unemployment rate (including the underemployed) seem all the more severe. Some of the once docile immigrants are carrying weapons and leading patrolmen on high-speed chases. "Mexicans are upset because they don't feel they can sustain themselves in their own country," says Mike Sheehy of the Nogales, Ariz., Border Patrol...
...when one profoundly confused male official approached the Queen and, instead of bowing, curtsied. The Prince, to help the man out of his embarrassment, good-humoredly curtsied back.) Queen and consort played expertly to easy audiences in the Caribbean, and faced a Mexican public eager for distraction from its peso troubles. At week's end the royal couple could look forward to their accustomed favorable reviews from royalty-dazzled democrats...
...prices has done nothing to soothe their nerves. For the past month the lenders have been putting the final touches on a rescheduling agreement designed to halt the financial skid that Mexico has been in since late summer, when the country nationalized its banks after devaluing the peso for the second time in less than a year. U.S. private lenders alone have some $25 billion at risk in Mexico, a sum that puts that nation, along with Brazil, at the top of the list of foreign borrowers from American banks. Brazil, however, does not rely on oil for its income...
...expanding interdependence of the two countries is strikingly visible in such U.S. border towns as Calexico, Calif., Nogales, Ariz., and El Paso. During Mexico's boom, local economies flourished as Mexicans crossed the border in droves to buy American-made cars, clothing and food. But the peso's declining value, together with strict controls on the amount of U.S. currency Mexicans can obtain, has virtually halted the flow of Mexican customers, and merchants complain of near Depression business conditions...
...result, Mexicans began to lose confidence in their currency, rushing to buy dollars and thus undermining the peso. But López Portillo would not devalue the peso-a humiliating gesture, in his eyes-until it was too late. By February, when he finally allowed the Mexican currency to decline in value from 25 a dollar to 50, huge amounts of private money had been taken out of the country. In a final attempt to salvage the situation, not to mention his reputation, López Portillo nationalized Mexico's 57 private banks last September, blaming them...