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U.S. Treasury Secretary Sees Mexico's Economy as Stabilizing.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, March, 2000 by Solis, Dianne
Mar. 22--U.S. Treasury Secretary Lawrence Summers said Tuesday that economic jitters over Mexico's presidential elections this July should be muted by that nation's recent financial performance.
Currency devaluations have frequently occurred during Mexico's sexennial presidential transitions. In late 1994, a devaluation plunged Mexico into the worst economic recession since its 1910 revolution.
In 1995, Dr. Summers, then-Treasury undersecretary, helped to quarterback the rescue package of U.S. and foreign loans for Mexico's sinking financial system, as a new president, Ernesto Zedillo, stepped into office. Faced with an intransigent Congress and Wall Street panic, a $50 billion package was crafted with help from several foreign nations and the...
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