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The Mexican Economy On December 20 1994 in an attempt to make Mexican products more competitive Mexican President Ernesto Zedillo Ponce de Len devalued the Mexican Peso Unfortunately attempts at keeping the Peso to only a fifteen percent devaluation failed The Peso dropped almost forty percent Roberts 1 It went from 35 to almost 75 pesos to the dollar before it stabilized The devaluation not only sent shockwaves through the Mexican economy but through the rest of the world Why should the world now risk its money to save Mexico Why not just let the Mexican economy and government collapse To calm these shock waves United States President Bill Clinton acting on his executive order organized an approximately 495 billion aid package 20B US 175B International Monetary Fund 10B BIS 1B Consortium of Latin American countries 1B Canada to Mexico Department of State Dispatch 78 This move could make globalization a friend or a foe in Mexicos case Friend because it opens opportunities for foreign countries and companies to further expand their economies and influence Foe because one countrys economic problems is the worlds economic headache Unfortunately it seems that the latter prevails The Mexican government is broke citizens unhappy rebels are itchy and opposition leaders are gaining influence All these are ingredients to a bad situation getting worse--without money or influence the Mexican government is bound to be overrun Mexico over the past few years has gone from a totally corrupt and controlling government to a more democratic privatized and deregulated government This has opened Mexico up to greater economical prosperity Everything from government run factories to banks have been sold to foreign and Mexican investors willing to pay high premiums for these assets With the threat of rebels in the south or the Institutional Revolutionary Party PRI possibly overthrowing
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