Word: pesos
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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...
...peso rose 15 percent today, recovering from a chaotic week in which the Mexican currency lost more than a third of its value against other currencies. The gains came as a delegation from the International Monetary Fund arrived in Mexico City to review the country's precarious financial condition amid growing concern about the Mexican government's unwillingness to prop up the peso. But the market was also encouraged by word today from Southern Mexico that Indian rebels there are ready to resume negotiations with the government...
While they now live modestly on Baldomero's 300-peso-a-month pension (just over $3), Maria claims they long ago "learned to scale back for the benefit of the country." Her husband expounds on a widespread theory: young Cubans who never experienced American capitalism are far more eager to put to sea in its pursuit than their parents, who knew capitalism's dark side firsthand. "They see pictures of their relatives in Miami with late-model cars and Seiko watches and Levi's," he says, "and they are tricked into thinking Cuba's problems are internal and salvation lies...
...will fan U.S. inflation by raising the price of imported goods and the American- made products that compete against them. But the U.S. imports more from Canada and Mexico than from Germany and Japan, and the American currency has actually risen against the Canadian dollar and the Mexican peso. A further rise in interest rates might hurt the U.S. economy, by making consumer purchases and business investments more costly to finance, much more than it would help by restraining import inflation...