President's praises sung down south

Few Mexicans thought they would see the day when a leading newspaper carried the headline "Viva Clinton!" But the evening newspaper Ovaciones felt the need to sing the US President's praises after he took it into his own hands to organise Mexico'sfinancial bail-out. The headline was perhaps aimed more at selling papers than reflecting joy in the streets. But Bill Clinton's surprise move to bypass Congress and organise $47.8bn (£30bn) of loan guarantees delighted the Mexican government, bankers and businessmen and sent the peso rising against the dollar.

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.

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
ebooksNow available in paperback
Arts and Entertainment
The Apprentice candidates Roisin Hogan, Solomon Akhtar, Mark Wright, Bianca Miller, Daniel Lassman
tvReview: But which contestants got the boot?
Arts and Entertainment
Jim Carrey and Jeff Daniels ride again in Dumb and Dumber To
filmReview: Dumb And Dumber To was a really stupid idea
News
people

Jo from Northern Ireland was less than impressed by Russell Brand's attempt to stage a publicity stunt

Sport
Scunthorpe goalkeeper Sam Slocombe (left) is congratulated by winning penalty taker Miguel Llera (right)
football
Life and Style
A woman walks by a pandal art installation entitled 'Mars Mission' with the figure of an astronaut during the Durga Puja festival in Calcutta, India
techHow we’ll investigate the existence of, and maybe move in with, our alien neighbours
Arts and Entertainment
Sir Ian McKellen tempts the Cookie Monster
tvSir Ian McKellen joins the Cookie Monster for a lesson on temptation
News
i100
Travel
Tourists bask in the sun beneath the skyscrapers of Dubai
travelBritish embassy uses social media campaign to issue travel advice for festive holiday-makers in UAE
Arts and Entertainment
Jennifer Saunders stars as Miss Windsor, Dennis's hysterical French teacher
filmJennifer Saunders and Kate Moss join David Walliams on set for TV adaptation of The Boy in the Dress
Life and Style
tech
Sport
Nabil Bentaleb (centre) celebrates putting Tottenham ahead
footballTottenham 4 Newcastle 0: Spurs fans dreaming of Wembley final after dominant win
Life and Style
Sebastian Siemiatkowski is the 33-year-old co-founder and CEO of Klarna, which provides a simple way for people to buy things online
tech
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Ampersand Consulting LLP: 3rd Line Support Engineer (Windows Server, Exchange Server)

£35000 per annum + Benefits: Ampersand Consulting LLP: 3rd Line Support Engine...

Investigo: Finance Analyst

£240 - £275 per day: Investigo: Support the global business through in-depth a...

Ampersand Consulting LLP: Server / Infrastructure Engineer (Exchange, Windows, VMware)

£32000 - £38000 per annum + Bonus and Benefits: Ampersand Consulting LLP: Serv...

Ampersand Consulting LLP: Virtualisation / Cloud Infrastructure Engineer (VMware, Cloud)

£38000 - £44000 per annum + Bonus and Benefits: Ampersand Consulting LLP: Virt...

Day In a Page

Jeb Bush vs Hillary Clinton: The power dynamics of the two first families

Jeb Bush vs Hillary Clinton

Karen Tumulty explores the power dynamics of the two first families
Stockholm is rivalling Silicon Valley with a hotbed of technology start-ups

Stockholm is rivalling Silicon Valley

The Swedish capital is home to two of the most popular video games in the world, as well as thousands of technology start-ups worth hundreds of millions of pounds – and it's all happened since 2009
Did Japanese workers really get their symbols mixed up and display Santa on a crucifix?

Crucified Santa: Urban myth refuses to die

The story goes that Japanese store workers created a life-size effigy of a smiling "Father Kurisumasu" attached to a facsimile of Our Lord's final instrument of torture
Jennifer Saunders and Kate Moss join David Walliams on set for TV adaptation of The Boy in the Dress

The Boy in the Dress: On set with the stars

Walliams' story about a boy who goes to school in a dress will be shown this Christmas
La Famille Bélier is being touted as this year's Amelie - so why are many in the deaf community outraged by it?

Deaf community outraged by La Famille Bélier

The new film tells the story of a deaf-mute farming family and is being touted as this year's Amelie
10 best high-end laptops

10 best high-end laptops

From lightweight and zippy devices to gaming beasts, we test the latest in top-spec portable computers
Michael Carberry: ‘After such a tough time, I’m not sure I will stay in the game’

Michael Carberry: ‘After such a tough time, I’m not sure I will stay in the game’

The batsman has grown disillusioned after England’s Ashes debacle and allegations linking him to the Pietersen affair
Susie Wolff: A driving force in battle for equality behind the wheel

Susie Wolff: A driving force in battle for equality behind the wheel

The Williams driver has had plenty of doubters, but hopes she will be judged by her ability in the cockpit
Adam Gemili interview: 'No abs Adam' plans to muscle in on Usain Bolt's turf

'No abs Adam' plans to muscle in on Usain Bolt's turf

After a year touched by tragedy, Adam Gemili wants to become the sixth Briton to run a sub-10sec 100m
Calls for a military mental health 'quality mark'

Homeless Veterans campaign

Expert calls for military mental health 'quality mark'
Racton Man: Analysis shows famous skeleton was a 6ft Bronze Age superman

Meet Racton Man

Analysis shows famous skeleton was a 6ft Bronze Age superman
Garden Bridge: St Paul’s adds to £175m project’s troubled waters

Garden Bridge

St Paul’s adds to £175m project’s troubled waters
Stuff your own Christmas mouse ornament: An evening class in taxidermy with a festive feel

Stuff your own Christmas mouse ornament

An evening class in taxidermy with a festive feel
Joint Enterprise: The legal doctrine which critics say has caused hundreds of miscarriages of justice

Joint Enterprise

The legal doctrine which critics say has caused hundreds of miscarriages of justice
Freud and Eros: Love, Lust and Longing at the Freud Museum: Objects of Desire

Freud and Eros

Love, Lust and Longing at the Freud Museum