Word: pez
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...economic salvation: the discovery in the late 1970s of oil reserves estimated to total as high as 200 billion bbl., second only to Saudi Arabia's supply. As the pace of oil development increased, public expectations rose, and the government of President José López Portillo launched a bold expansionist program. To pay for imports, private and public corporations increased their borrowing abroad. The crunch came when the current worldwide recession, along with the oil glut, sent prices tumbling for Mexican crude. Meanwhile, high U.S. interest rates increased the carrying cost of the Mexican debt...
...currency into dollars at a rate of up to 25 billion pesos a day. Increased capital flight prompted last February's 40% devaluation. But the government immediately undermined the measure with sharp wage hikes that fueled inflation and led to a new run on the peso. López Portillo, who had earlier vowed "to fight like a dog to defend the peso," was thus obliged to decree a second devaluation on Aug. 6. To complicate matters further, the government froze all foreign-currency bank accounts in Mexico, then announced last week that they would be paid off only...
...candidate of Mexico's Institutional Revolutionary Party (P.R.I..) and the choice of retiring President José López Portillo, De la Madrid had been certain to win. Reaction to the vote ranged from skepticism to cautious optimism. Said former President Miguel Alemán Valdés: "The country is at peace. There are problems naturally, but we have the confidence that they will be resolved by the next administration...
Despite nine months on the campaign trail, Miguel de la Madrid remains shy and unaccustomed to public speaking. Throughout an interview with TIME Mexico City Bureau Chief James Willwerth and Reporter Laura López, the President-elect nervously moved his feet and twiddled his thumbs. Nonetheless De la Madrid's answers were confident and direct. Excerpts...
...part, the diplomatic dance was prompted by Mexican Foreign Minister Jorge Castañeda's zealous pursuit of a peace plan put forward in February by President José López Portillo. The plan calls for negotiations between the U.S. and Cuba, the U.S. and Nicaragua, and the government and rebels in El Salvador. By conducting a highly publicized shuttle among the parties involved, Castañeda hoped to convince Washington that it should appear as amenable to these talks as its adversaries claimed...