Word: pesos
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Dates: during 1990-1999
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...winners in Jalisco support some aspects of Zedillo's economic belt-tightening program. Nonetheless, some Jalisco voters turned against the P.R.I. in part because of dismay over the nation's financial crisis. Since the December devaluation of the peso and the resulting sharp rise in prices, ``we earn enough to half-eat,'' jokes Catalina Ventura, speaking for herself and Concepcion Martinez, two saleswomen in a crafts shop in Tlaquepaque, outside Guadalajara, explaining why they had abandoned the P.R.I. to vote P.A.N. Such sentiments do not bode well for Zedillo's ability to unify the country behind the tough measures that...
Moreover, since the opening of the farmer's markets last October, there has been a flurry of economic activity even within the moribund peso-driven sector of the economy. One such place is the Marianao farmer's market, in a drab workers' suburb of Havana, where customers seem to be complaining about high prices--but are still buying. A vendor named Jorge is doing a brisk trade in his homemade marinade of vinegar, garlic, onion, salt and cumin. ``I used to teach language at the university,'' he explains. ``But I was making only 325 pesos a month. Life is very...
Government sources had hinted for weeks that Zedillo would undertake some strong action to try to rebuild credibility after the peso's disastrous devaluation. That the Zapatistas should be the target was logical: their activity inspired the erosion in investor confidence that ultimately led to financial panic. But Zedillo's evidence for a spreading Zapatista insurrection was sketchy. Arms caches that authorities discovered held little more than a handful of firearms and several dozen grenades...
...Marcos was taking too long," Buchanan says. "The government thought that they could do away with the Zapatista movement in 72 hours, and that decisive action would make the stock market rally. Quite plainly, it didn't work." Making matters worse, he says, was another fall in the peso's value today...
...economic turmoil, but the recent events are very far from being catastrophic [Jan. 23]. The country should never again overvalue its currency and create huge trade deficits, leaving it vulnerable to internal and external forces. However, we should never give in to pessimism. The overvaluation of the Mexican peso has been eliminated, and this step will provide badly needed oxygen for Mexican industry. Inflation will go down again, the exchange rate with the dollar will be adjusted, and Mexican shares will climb to their fair value. The prophets of gloom will once more be proved wrong, because the underpinnings...