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Context of 'August 1982: Mexico Defaults on its Foreign Debts'

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A combination of factors puts the Mexico into a major balance of payments crisis. US Federal Reserve Bank Chairman Paul Volcker’s decision to increase the Federal Reserve’s interest rate (see October 6, 1979) increases the amount of debt held by the Mexican government. In addition, a decrease in the global price of oil and a recession in the US (thereby decreasing US demand for Mexican goods) makes it harder for Mexico to pay off the debt on its own. The Mexican government decides to devalue the peso, its national currency, by 78 percent. [Hart-Landsberg, 12/2002]

Entity Tags: Mexico, Paul Volcker

Timeline Tags: Neoliberalism and Globalization

The Mexican government temporarily suspends payments of its foreign debt and requests that the US offer some form of emergency aid. It also devalues the peso again by 60 percent. [Hart-Landsberg, 12/2002]

Entity Tags: Mexico

Timeline Tags: Neoliberalism and Globalization

In preparation for the North American Free Trade Agreement (NAFTA), Mexico opens up its financial services to foreign ownership. By 2000, 85 percent of the banking system will be owned by foreign entities and lending to Mexican businesses will have dropped from 10 percent of the GDP to 0.3 percent. [Jones, 3/2007, pp. 3]

Entity Tags: Mexico

Timeline Tags: Neoliberalism and Globalization

1998: Mexico Bans GM Crops

Mexico bans the planting of genetically modified crops. [Mother Jones, 7/9/2002]

Entity Tags: Mexico

Timeline Tags: Seeds

In response to a suggestion by Mexico that it will put tariffs on corn to protect domestic farmers from subsidized US corn (see April 28, 2003), the Chairman of the US Senate Committee on Finance, Charles Grassley, writes a letter to Mexican officials stating: “Mexico has recently undertaken a number of actions against US agricultural products that undermine the spirit, if not the law, of NAFTA. Mexico’s continued pattern of not meeting its international trade negotiations is unacceptable.” [Fanjul and Fraser, 8/2003, pp. 23 pdf file]

Entity Tags: Charles Grassley, North American Free Trade Agreement

Timeline Tags: Neoliberalism and Globalization

New Mexico Governor Bill Richardson will later report that this evening, New Mexico’s Urban Search and Rescue Team leaves for Baton Rouge, where they will receive specific instructions on deployment. He also orders 200 members of the New Mexico National Guard to leave immediately. [New Mexico, 8/30/2005; Newsweek, 9/14/2005] New Mexico’s National Guard will be held in New Mexico, however, until they receive the required mission assignment from the Pentagon late Thursday, September 1 .

Entity Tags: Bill Richardson, New Mexico National Guard

Timeline Tags: Hurricane Katrina

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