Word: portillo
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...bare-bones inauguration was appropriate for a country facing severe economic problems. Hoping to cash in on Mexico's oil bonanza, outgoing President Jose Lopez Portillo had embarked on a costly development program. But when oil prices dropped and interest rates shot up, Mexicans rushed to trade their pesos for more stable dollars, forcing a devaluation. In the ceremony at the Congress of the Union hall last week, Lopez Portillo bequeathed to his successor the green, white and red sash that is the emblem of office. He also left a foreign debt of $80 billion and not enough money...
...chose Jesus Silva-Herzog, a Yale-educated economist who negotiated a $3.8 billion credit for Mexico this fall from the International Monetary Fund. De la Madrid also reappointed Miguel Mancera Aguayo as director of the Bank of Mexico. Mancera Aguayo had resigned from the post last September after Lopez Portillo imposed strict regulations on currency exchange. Both men are thought to advocate stringent measures to improve Mexico's troubled economy...
Mexico's new chief executive also pledged to move forcefully against the public graft and featherbedding that had flourished under Lopez Portillo. Said De la Madrid: "Mexicans are a deeply moral people and they demand that I pursue all forms of corruption. I will govern by example...
...Loper Portillo--is faced with a combined rate of unemployment and underemployment of 40 percent an $81 billion foreign debt (largest in the Third World), and an inflation rate predicted to his 100 percent by year...
...Portillo called the private bankers traitors, blaming them for the crisis. The government's corrupt and miscalculating economic policy caused...