Word: zedillo
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...President Ernesto Zedillo Ponce de Leon still must reform the policies that caused the latest crisis--specifically, Mexico's reliance on foreign capital. Much of those funds fled in December when the government, unable to prop up the overvalued peso any longer, let the currency float. Now Zedillo is taking the politically risky steps of slashing government spending and jacking up interest rates to slow the economy and wean it from its dependence on ``hot money''--foreign investments in securities that can easily be dumped. Says Allen Sinai, the chief economist for Lehman Bros.: ``Mexico must swallow a recession...
...foreign goods. Under NAFTA the country accelerated its consumption of imported products ranging from shampoo to computers that drove thousands of inefficient domestic firms out of business. Now many Mexican companies can't find local replacements for foreign suppliers, whose prices have jumped as much as 50% since Zedillo devalued the peso...
Despite such success stories, the widespread Mexican hardship puts enormous pressure on Zedillo, a Yale-trained economist who took office Dec. 1, to ease his austerity campaign. But that would almost certainly destroy foreign confidence in Mexico's ability to regain its footing and would thus send the peso slipping again. ``This time there's no free lunch,'' says Mauricio Gonzalez, managing partner of a Mexico City consulting firm...
...universal awareness of Mexico's political and economic drama. Unrestrained plundering and conspicuous political corruption can no longer be the order of the day. But aren't all of us Mexicans sadly united by mounting rage? The former President, Carlos Salinas de Gortari, and our new President, Ernesto Zedillo Ponce de Leon, owe every kind of satisfaction to our country. It is their national duty to face the people and make clear to Mexicans and the nations of the world why and how our country has fallen into crisis...
Mexican President Ernesto Zedillo this morning sent thousands of troops to southern Mexico's Chiapas state to flush out the Zapatista resistance. Unconfirmed reports gauged the force at 40,000 soldiers, a much larger military action than the government has so far been willing to undertake. Thursday, Zedillo reversed Mexico's policy of trying to make peace with the Zapatista National Liberation Army by promising to help the poor. Instead, he ordered the arrest of top guerrilla leaders after accusing them of "preparing new and great acts of violence, not only in Chiapas but in other parts of the country...