President's praises sung down south
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.
That's some guestlist! Stunning images show huge dynastic wedding between Ultra-Orthodox Jewish families which attracted 25,000 guests
'Sickening, deluded and unforgivable': Horrific attack brings terror to London’s streets
National archives: Edward VIII’s phone calls - and how MI5 bugged them
World news in pictures
Eyewitness Ingrid Loyau-Kennett gives extraordinary account of her confrontation with Woolwich attackers
- 1 'Sickening, deluded and unforgivable': Horrific attack brings terror to London’s streets
- 2 Mothers' diets may harm IQs in two-thirds of babies
BMF is the UK’s biggest and best loved outdoor fitness classes
Win anything from gadgets to five-star holidays on our competitions and offers page.