Word: pesos
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...marks in 1985); so far this year, the dollar has skidded 9% against both the yen and the mark. But the dollar's troubles were only part of the turmoil: the British pound, the French franc and the Italian lira also tumbled, and the Mexican peso resumed its free fall until the country's harsh new austerity plan led to a rebound. On top of that, governments were forced to devalue the Spanish peseta, the Portuguese escudo and the Brazilian real...
Finally, Salinas has been blamed for thecurrent economic crisis in Mexico, prompted by thedramatic devaluation of the Mexican peso late lastyear...
...standing tradition that requires former Presidents to refrain from publicly criticizing their successors, and telephoned a popular pro-government news program to issue an emotional appeal. Saying nothing about his brother, he denounced the Zedillo government for the ``errors of December,'' an unmistakable reference to his successor's disastrous peso devaluation, which sent the economy into a tailspin. While Salinas' statement transfixed Mexicans with its breach of political decorum, it did little to restore the reputation of the former President...
...timing, a President battered since he took office for his management of the economic crisis has found a way to shake up the party that has ruled Mexico for 66 years, helped break its history of high-handed rule and improved his own image. Although the revelations sent the peso skidding to an all-time low on Friday, Zedillo's willingness to back the inquiry is proving popular with Mexicans long skeptical that promises of reform will ever be fulfilled. In a poll published on Thursday, 68% said they trust Zedillo more now that Raul Salinas is in jail...
Several students said their families, burdened by rising costs resulting from the peso's shrinking worth, have had to tighten their belts...