Word: zedillo
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...Finance Minister Guillermo Ortiz Martinez undertook the unenviable task of charming, consoling and begging the forgiveness of three American credit-rating agencies, the heads of a dozen U.S. commercial banks and 400 investors and analysts who lost nearly $10 billion last month when Mexico's newly minted President, Ernesto Zedillo Ponce de Leon, abruptly allowed the peso to float against the dollar. To the investors, whose stampede to pull their money out of Mexican stocks and bonds stripped the peso of 41% of its value, Ortiz's message was, Come back, the government has an economic plan to deal with...
...most Mexicans and many other Americans were not yet convinced that Zedillo had made bold enough choices or could carry out the pledges he did make. The spectacle of the President promising to speak Monday night, then hastily calling it off until he could persuade business and labor unions to go along, dismayed those looking for strong leadership. The rescue package Zedillo finally unveiled Tuesday called for cutting budgets, keeping prices in check and holding wage increases to 7% for 1995, backed by an $18 billion emergency fund substantially financed by the U.S. Those sacrifices, however, make it clear that...
This expensive peso meant that jobs were somewhat scarce, and thus contributed to some of the rural unrest. When the rebels seemed to be readying for a new round of attacks, President Zedillo decided to lower the peso by about 12 percent. Then, in a surprise to almost everyone, he allowed the peso to float against the dollar. Investors were used to being warned well in advance of a devaluation. This sudden move scared them, causing them to start unloading Mexican securities. The peso continued to drop...
...plunge in the peso has caused much panic, both within the Mexican government and among outside investors. President Zedillo has released a plan which he hopes will keep inflation at around 15 percent in the short term and have growth at around 1.5 to two percent. This is quite a bit different from the four percent inflation and four percent growth that had been predicted a month ago, before the devaluation. In addition, he hopes to cut government spending by about 1.3 percent. More ominously, though, nearly $8 billion in foreign investment has fled the country since the drop. This...
...Chiapas, for now Zedillo has some breathing room. Recognizing that he | had to defuse the situation quickly, last week he drew back an army buildup around rebel areas and accepted the rebel demand that Bishop Samuel Ruiz help negotiate peace. But in his new economic plan he is certain to defer his election promise that 1995 will be the year that prosperity will trickle down to the masses. That could mean the kind of social discontent that launched Mexico on its most recent cycle of headaches. Welcome to the nightmare...