Word: zedillo
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...TIME: Was Zedillo in charge of this nomenklatura? SALINAS: No, it was the nomenklatura who took advantage of Zedillo's decision to cover up his blunders over the devaluation. He played into their hands...
...will because everybody was saying that the instability in Mexico was caused by my presence. But these circumstances had changed. I know it won't be easy to live in Mexico because during the past six years a campaign of misinformation has been promoted against me by the Zedillo Administration. They blame me for whatever happens in Mexico -- even when there is an earthquake...
...TIME: Do you feel betrayed by Zedillo? SALINAS: Zedillo did not betray me personally, he betrayed the platform that took him to the presidency. It all started with the peso devaluation in Dec 1994 when Zedillo's government provided inside information to a small group of Mexican businessmen that the devaluation was coming. And in a matter of hours, Mexico lost $6 billion -- half its total foreign exchange reserves...
...TIME: So why did Zedillo do this? SALINAS: It was a real blunder. Any professional economist knows that if you want to devalue, you do so with proper international backing, and you never do it between Monday and Friday, and you never do it in December when you have most liquidity. All of which he did. And then they took two months to put an economic program into effect, and in that period, domestic interest rates went from 15% to 110% . There was no way that anyone could pay their bills. Zedillo tried to cover this up with...
...TIME: Wasn't he following the famous Mexican rule : Blame it on the former president?" SALINAS: Yes, Zedillo revived that archaic tradition...