Word: portillo
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...banks in Mexico had been nationalized as a result of a well-planned federal policy, Mexicans would feel proud. But President López Portillo did it for what little prestige he had left...
...crisis arose under outgoing Mexican President Lopez Portillo whose term ended last month. Portillo had attempted an ambitious program of quick economic growth based on revenue from oil exports, and it brought Mexico a brief period of prosperity. But last year, the worldwide price of oil fell drastically, sending Mexico's economy reeling. The value of the peso plunged, and nervous Mexican businessmen began investing their money abroad. Finally, in late August of this year, Mexico was scheduled to erase about one fourth of its $81 billion debt--the largest in the world--and Portillo had to announce that...
...border of Mexico and the U.S. is going through the most important crisis in the past few decades," declared Mexican President José López Portillo on a visit to Tijuana. If anything, that was an understatement. Last month's devaluation of the peso created an absolute mess for businesses in both countries. On the Mexican side, supermarket shelves were stripped clean of basic necessities by Americans who found their dollars worth three times as many pesos as they were a year ago. On the American side, merchants whose lifeblood is Mexican patronage were left standing beside silent...
Compounding the crisis are the currency controls instituted by López Portillo, who unjustly blames much of his country's economic plight on sacadólares, wealthy Mexicans who have been sending their money out of the country to safer havens. The scattershot regulations restrict the amount of currency that anyone can take out of Mexico. Tourists, except those visiting just the border areas, must declare all the cash they bring in. Foreign-owned industries may have trouble sending profits home; most Mexican businesses are hard pressed to obtain foreign currency for paying off outside debts; and banks...
...arguing that such steps are needed to strengthen the country's finances, but whether Mexico will prove amenable to adopting those measures remains in doubt. Adding to the uncertainties, the López Portillo government two weeks ago appointed a socialist-oriented economist, Carlos Tello Macias, as head of the Mexican central bank, replacing the director, who had unexpectedly resigned as the financial crisis deepened...