Word: pesos
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Dates: during 1990-1999
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Though Serra had reassured investors just days earlier that the peso would remain stable, Zedillo directed him to blame a climate of insecurity spawned by the rebels for a change in policy. Within 24 hours the peso lost 12% of its value. Then came the bombshell. Despite an earlier promise of no further devaluations, Serra abruptly made public on a television show that the peso would be permitted to float against the dollar...
...Serra found a roomful of sour expressions. To make matters worse, he lacked answers to many of the group's questions and bristled when asked why he hadn't resigned after having broken his promise to the financial community. "Everyone's been yelling and screaming all year for the peso to be devalued," says Kathleen Heaney, head of Latin American equity research at Bankers Trust. "But the way it was done really freaked people out. Wall Street doesn't like surprises. You get penalized when you do that...
MEXICO: The Peso Heads South...
NAFTA: Does the peso's crash mean Perot was right...
Loose translation: "See? I was right." Like other NAFTA critics, Perot sees Mexico's turmoil as proof at last of the trade pact's perils. And he sees more proof in the offing: after the peso's plunge, with Mexican labor even cheaper, American jobs will head south en masse. The poorly concealed glee of NAFTA's foes gives the Clinton Administration yet another thing to get defensive about. If NAFTA was a blunder, then doubts arise about the centerpiece of Clintonomics: free trade, as in NAFTA, GATT and plans for Pacific Rim and Pan-American trade zones...