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The Mexican Bailout: Will It Work? |
| Section: CURRENT ISSUES / WORLD VIEWS |
| Author: Raymond J. Mas |
| Publication: The world & I online |
| Issue Date: 5/1/1995 |
| Size: 1,465 Words, 9,556 Characters |
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By mid-March, former President Carlos Salinas de Gortari had left Mexico, his hopes to head the World Trade Organization dashed after his brother's arrest in a high-profile assassination case. Salinas had orchestrated sweeping economic changes in Mexico during his term in office from 1988 to November 1994, and many of the present economic woes have been laid on his doorstep.
Speculation that Salinas would leave the country had been rampant since his brother, Raul, was charged February 28 with masterminding the September 1994 slaying of José Francisco Ruiz, secretary-general of the governing Institutional Revolutionary Party (PRI).
A few days later, Salinas went on a two-day hunger strike demanding that he be exonerated from Ruiz' murder and the earlier assassination of Luis Donaldo C...
. . .
...abilization plan had failed and that a new plan of budget cuts and tax increases would have to be added soon.
Editor's Note: On March 9, Mexican Treasury Secretary Ortiz released an austerity plan to combat the deepening economic crisis. The plan called for boosting the general sales tax from 10 percent to 15 percent, sharply increasing electric and gasoline prices, and raising other fees.
(812 of 9,556 characters)
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