Word: pesos
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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...
...says that Zedillo ``should have stepped in with a bridge loan or something'' to remove all fears of a default. The President did not, and the Mexican stock market dropped about 6% last Wednesday to a 17-month low. It recovered a bit by week's end, but the peso remained volatile, trading at one point at 6.4 to the dollar--its worst price yet--before recovering to close the week...
...financial bailouts--he headed the one that saved New York City from bankruptcy in the mid-1970s--complains that ``Mexico hasn't come up with any strategy at all'' and adds, ``I`m very worried.'' Financiers complain in particular that Mexico has not decided what to do about the peso--whether to let its price float or try to stabilize it within some range...
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...