Word: portillo
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Wearing the green, red and white sash that symbolizes Mexico's highest office, a somber President José López Portillo took the podium in the Chamber of Deputies of the Mexican Congress last week to give his final state of the union address before retiring in December. Few political leaders have ever had to deliver a valedictory under such grim and humbling 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...
...millions of Mexicans watched on television, López Portillo spoke for nearly four hours in a booming voice that faltered only near the end. "We face great dangers now," he admitted. Down-playing his own responsibility, he argued that the economic troubles had been triggered by an unforeseen decline in world petroleum demand, which cut deeply into Mexico's revenues from oil exports. Then, in a vehement attack on Mexico's financial establishment, the President charged that the country's problems had been intensified by businesses and speculators who had invested their money outside the country...
Amid a crescendo of applause from supporters, López Portillo announced that his government was nationalizing all Mexican banks and imposing strict currency controls to stop the flight of capital from the country. "It is now or never," he said. "They [the speculators] have already plundered us. But Mexico is not finished. They will never plunder us again...
...into dollars at a rate of up to 25 billion pesos a day. Increased capital flight prompted last February's 40% devaluation. But the government immediately undermined the measure with sharp wage hikes that fueled inflation and led to a new run on the peso. López Portillo, who had earlier vowed "to fight like a dog to defend the peso," was thus obliged to decree a second devaluation on Aug. 6. To complicate matters further, the government froze all foreign-currency bank accounts in Mexico, then announced last week that they would be paid off only...
...Russia," said a 54-year-old Mexico City librarian who saves her money in dollars to go on a yearly trip. "We are trapped. It is against the working people who save their money for some simple pleasures." The anger has been aimed largely at President López Portillo, who on Dec. 1 will turn power over to his hand-picked successor, Miguel de la Madrid Hurtado, who won 74% of the vote in last month's presidential election...