Word: pesos
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...higher prices for basic consumption goods. The result of these policies will be further misery for Mexico's hard-pressed lower classes--but not any increase in Mexican economic independence. Mexicans will simply continue to try to find work in this country. Indeed, immigration officials report that the peso devaluation was followed immediately by record numbers of Mexicans trying to jump the U.S. border...
...circumstances. Mexico's economy is staggering in a profound crisis that threatens the country's political and social stability. Inflation is running at 60%. More than half the population is unemployed or working at marginal, unskilled jobs like selling tortillas on street corners. The value of the peso against the dollar has fallen by 80% since the beginning of the year. Teetering on the edge of national bankruptcy, Mexico can no longer meet the payments on its enormous $80 billion foreign debt, the largest of any developing nation, without new emergency loans. The U.S. has become deeply concerned...
...Mexico's severe shortage of U.S. dollars, the main currency of international trade. In recent months, Mexico has not earned enough dollars from its exports to pay for imports and keep up with interest on its foreign debt. That imbalance has helped drive down the value of the peso against the dollar. In the meantime, wealthy Mexicans, fearful that drastic moves like last week's nationalizations might soon take place, have been making the problem worse by sending money to foreign banks...
Shock waves from the Mexican economic slump have already jolted dozens of American border towns from the Gulf of Mexico to Southern California. Merchants in these communities have long depended for much of their business on Mexicans coming across the border to shop. Now the value of the peso has dropped so low that Mexican purchasing power has dried...
...owner in El Paso: "My business is off 80%. It's dead out there in the streets, and it's like a morgue here in the store." Last week the U.S. Small Business Administration set up a $200 million loan program for merchants devastated by the falling peso...