Word: pesos
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Dates: during 1990-1999
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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...
Trying to halt the peso crisis besetting his new administration, Mexican President Ernesto Zedillo today signed a bullet-biting accord for wage and price restraints. Several hours later, in a nationally televised address, Zedillo tried to persuade ordinary Mexicans to join him in enforcing wage and price ceilings to avert any further devaluation or inflation. "Mexico is confronted with a serious economic crisis that will invariably affect the population and demand sacrifices by all," he said. Under the accord, business leaders would not raise prices on domestic goods, while workers would give up substantive pay hikes. Despite these moves, both...
Mexican President Ernesto Zedillo, after just a month in office struggling to retain credibility as his nation's finances appear in disarray, today fired his treasury secretary and adopted an international bailout package which hopes to stabilize the peso. Treasury Secretary Jaime Serra Puche will be replaced by another U.S. trained economist, Guillermo Ortiz Martinez. The new package is designed to limit wage and price hikes and will also include unspecified financing from industrialized nations including the U.S. and Canada. Meanwhile, the value of the peso increased today, a second straight day of improving prospects for the nation's currency...