We Have Salinas To Thank For The Peso Debacle

The crash of the Mexican peso is just one more example of the cycle of delirious optimism followed by collapse and bottomless gloom in Latin American finance. The peso's fate has ruined investors' end-of-year bonuses and is a major setback to Mexico's prospects. A postmortem is instructive. The blame lies squarely with former President Carlos Salinas de Gortari.

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