Word: zedillo
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Dates: during 1990-1999
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...which is tied to Mexico more closely than ever by NAFTA, it is important that Zedillo solve all of these problems. Mexico's long-term prospects still look good. But the peso mess raises questions about the ability of the nation's leaders to ensure the stability of Mexico, the U.S.'s second largest trading partner, where Americans hold more than half of all direct investment. Wary of appearing to be managing Mexico's affairs, the White House kept silent for most of last week, even as it worked overtime to arrange an international peso-rescue package of as much...
...worst shock was the March assassination of Luis Donaldo Colosio, the presidential candidate of the Institutional Revolutionary Party and Salinas' hand-picked successor. As a replacement, Salinas pressed the party's Old Guard to choose his Education Minister and Colosio's campaign manager, Zedillo, a Yale-educated technocrat. As a campaigner, Zedillo was so colorless that at one rally his wife had to nudge him to throw his arms into the air and shout "Viva Mexico!" at the appropriate moment. But he was committed to the Salinas reforms. Then in September came another blow: the killing of Zedillo's main...
...that, Zedillo came to office with the advantage of having won what was generally agreed to be the cleanest race in modern Mexican history. What he did not get was one crucial gift from Salinas. For months investors had been expecting that he would devalue the currency, a common favor that departing Mexican leaders perform as a sort of economic housecleaning for their successors...
...Zedillo was convinced that he would have to undertake the devaluation himself when the Chiapas rebels launched a new offensive in advance of the first anniversary of their uprising. Within days the rebels had captured dozens of villages, disabled 47 jungle airstrips and seized several highways. On Dec. 19, Zedillo got the news from Finance Minister Jaime Serra Puche that the prospect of further trouble in Chiapas had prompted jittery Mexicans to move about $1 billion out of the country that day alone...
Though Serra had reassured investors just days earlier that the peso would remain stable, Zedillo directed him to blame a climate of insecurity spawned by the rebels for a change in policy. Within 24 hours the peso lost 12% of its value. Then came the bombshell. Despite an earlier promise of no further devaluations, Serra abruptly made public on a television show that the peso would be permitted to float against the dollar...