Word: portillo
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...Madrid pledged to bring about a "moral renovation" of Mexican society, including the investigation of former officials for corruption. In his seven months as President, however, De la Madrid has been criticized for moving slowly against suspect members of the administration of his predecessor, José Lopez Portillo, whose government was widely regarded as corrupt. Last week, in a move that created a nationwide sensation, the government accused Jorge Díaz Serrano, 63, former head of the state oil monopoly, Petroleos Mexicanos (Pemex), and the "architect" of Mexico's oil boom, of corruption. The charge: defrauding Pemex...
...will steal "a little bit," they were not prepared for the flagrant abuses that began to be obvious. To many Mexicans, the previous regime's corruption is best symbolized by "Dog Hill," an Olympian, 32.5-acre complex high above the Mexico City smog line, where López Portillo has built palatial homes for himself and his children...
...Portillo's economic mistake was to ignore the consequences of the global oil glut that began to develop in early 1981. Although some oil-producing countries began to discount their prices in response to the weak market, Mexico stubbornly held out a while longer. As a result, customers canceled their contracts. All the while, López Portillo continued to borrow money as if nothing had changed. But rising international interest rates began to put a severe strain on Mexico's ability to meet its loan obligations...
...result, Mexicans began to lose confidence in their currency, rushing to buy dollars and thus undermining the peso. But López Portillo would not devalue the peso-a humiliating gesture, in his eyes-until it was too late. By February, when he finally allowed the Mexican currency to decline in value from 25 a dollar to 50, huge amounts of private money had been taken out of the country. In a final attempt to salvage the situation, not to mention his reputation, López Portillo nationalized Mexico's 57 private banks last September, blaming them...
...power in a single party has also created a vast system of patronage in which political debts are routinely paid off in cash or favors. The sweeping powers of the presidency, moreover, have led to the kind of abuses that became widespread under José López Portillo. Although the P.R.I, enjoys the support of an estimated 13 million registered members and wins all national elections with a genuine majority, it routinely manipulates the results to increase the margin of victory. The P.R.I.'s defenders respond that the system is "evolutionary," indirectly reflecting the will of the majority...