Word: zedillo
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...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...
That prospect has infuriated ordinary Mexicans, who have seen the purchasing power of their paychecks erode more than 40% since 1982, and who voted for Zedillo because he promised to replace austerity with prosperity. Several thousand workers and political activists marched in Mexico City to demand better working conditions. Nor were investors and financial markets placated: although they welcomed the news that Mexico will sell off many of the state's power plants, they had also hoped Zedillo would privatize parts of the country's lucrative oil monopoly...
While the political stakes of the devaluation are enormous for Zedillo, they loom large as well for Bill Clinton. Little more than a year ago, the Administration sold NAFTA to Congress by arguing, among other things, that locking in low tariffs would boost the American trade surplus by making U.S. products cheaper in Mexico. Thanks to the peso's plummet, American-made goods could now be as much as 50% more expensive for Mexican consumers. Products from herbal shampoos to frozen desserts sold south of the border will be hard hit. "The peso has been devalued," says Texas...
...Zedillo's economic rescue will affect...