Word: portillo
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...successor for Lopez Portillo...
...just been made known. He is Miguel de la Madrid Hurtado, 46, the government's Secretary of Programming and Budget. His selection by the country's monolithic Institutional Revolutionary Party (P.R.I.) had been announced a month sooner than expected by the incumbent, President Jose Lopez Portillo...
...Madrid still must run for the job, but it is a foregone conclusion that he will succeed; the P.R.I, has held a monopoly on political power in Mexico for 52 years. The real surprise was the stepped-up scheduling for Lopez Portillo's announcement, which may mean that the patrician author-statesman has come to realize that he is in deep political trouble. Despite a booming economy and 72 billion bbl. of proven oil reserves, Mexico has been spending money so fast that the country faces a balance of payments deficit of as much as $.10 billion this year...
...both economic and diplomatic terms, De la Madrid is an almost ideal antidote to Lopez Portillo's problems...
Harvard educated, he is the chief author of Mexico's 20-year development plan and thus in a good position to ponder austerity measures. Well known and well liked by the U.S. embassy in Mexico City, he is considered unlikely to repeat Lopez Portillo's recent diplomatic wave making...