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.
- 2 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 3 Professional big game hunter Ian Gibson crushed to death by elephant during hunt
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
Yemen crisis: Meet the child soldiers who have forsaken books for Kalashnikovs
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Professional big game hunter Ian Gibson crushed to death by elephant during hunt
Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
£18000 - £23000 per annum: Recruitment Genius: They work with major vehicle ma...
£16500 per annum: Recruitment Genius: A Chiropractic Assistant is needed in a ...
£18000 - £26000 per annum: Recruitment Genius: They work with major vehicle ma...
£28000 - £30000 per annum: Recruitment Genius: This company provides coaching ...