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Mexico has grown to be known as part of North America rather than Central America due to its borders and close ties with the US Westward lies the Pacific Ocean and to the east and north the Gulf of Mexico It is the third-largest North American country with the second highest population of more than 100 million people and its territory spreads over 756000 square miles The government is a liberated and unstable federal republic which is composed of 31 states and a federal district with Mexico City as the nations capital Mexico City is comprised of the worlds largest network of urban communities and is the most polluted city on earth The dominant language is Spanish although Mayan dialects are also spoken Mexico is a sub-tropical climate with a mixed terrain of coastal jungles and a central plateau which is surrounded by mountain ranges and deserts jainschigg 12 In the period surrounding 1994-5 Mexico suffered from unstable economic conditions Several factors were catalysts to this Mexican financial crisis Although there are many contributing factors there are three main factors that can be attributed to the blame political turmoil the devaluation of the peso and the health of the private banking sector Worldbankorg np This financial crisis also had an extreme impact on the US and the world In recent years many developing countries have experienced financial crises the Mexican crisis of 1994-5 represents one of the most dramatic ones The worlds reliance on and opinion of Mexico changed in a short period of time Towards the end of 1993 after signing the North American Free Trade Agreement Mexico seemed strong stable and poised to enter the developed world However in two short years the country would suffer the deepest depression of its history and the political system would appear to be in shambles The Mexican financial system was young and vulnerable wild swings in expectations and
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