President's praises sung down south
Thursday 02 February 1995
The Mexican currency gained around 7 per cent yesterday, continuing its gains from Tuesday when Mr Clinton announced his plan. The Bolsa (stock exchange), after gaining 10 per cent during Tuesday - its biggest one-day jump in seven years - eased back as investors took profits and viewed the longer-term picture.
Given the two nations' long history of mutual distrust, President Ernesto Zedillo's response to Mr Clinton's plan - under which the US Treasury, the International Monetary Fund and the Bank for International Settlements would stand guarantor for $47.8bn in loans to help pay off Mexico's debts - was unprecedented.
Looking relieved, he addressed the nation on television and said: "I want to express our sincerest gratitude to Mr William Clinton, President of the United States, for his solidarity and the absolute respect he has shown towards the people and governmentof Mexico."
Even if private relations are cordial, public kowtowing to the US has always been frowned on. Although Mr Zedillo described the bail-out plan as "strictly a financial operation, which in no way puts our sovereignty at risk," he immediately came under renewed attack from his left-wing opposition.
The Party of the Democratic Revolution called for an extraordinary session of the Mexican congress to discuss the Clinton package, saying it would sink Mexico more deeply into debt. Mr Zedillo countered that the Clinton package "will not increase our debt but will be used to transfer short-term, high-cost debt to longer-term debt less costly to the nation."
Many remained concerned about the political conditions Washington is said to be attaching to the bail-out package, including curbs on illegal immigrants, a crackdown on drug cartels, less support for Cuba and more privatisation of state enterprises.
- 1 Is this bridge haunted by the ghost of nu rave?
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 The day I starred in Only Fools and Horses
- 4 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
Is this bridge haunted by the ghost of nu rave?
Saudi Arabia says it won't rule out building nuclear weapons
Germanwings plane crash: Andreas Lubitz 'had eyesight problems' and woke from nightmares 'screaming we’re going down'
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
The West has it totally wrong on Lee Kuan Yew
£6 per hour: Recruitment Genius: This is an exciting opportunity to join a gro...
Negotiable: Recruitment Genius: A Service Delivery Manager is required to join...
£12000 - £24000 per annum: Recruitment Genius: A opportunity has arisen for a ...
£32000 - £38000 per annum: Ashdown Group: A successful accountancy practice in...