A Call For Tough Love In Mexico
My response to "Anatomy of a rescue mission" (International Business, Jan. 30) is this: Do not lend any more money to this damned country.
The only people who benefit are the politicians like Salinas, who privatized several very important state companies and became one of the richest men in the world. He lied to all of us citizens of Mexico, saying that everything was O.K. Yes, everything was O.K. for him. But he led the country to become nearly bankrupt and transformed more than half of the population into street vendors.
The devaluation did not surprise anyone who took about 10 minutes a month to monitor the central bank's reports on inflation, current account, and capital balances. In fact, many of us thought Mexico stood poised to become the next economic miracle as soon as the exchange rates were adjusted and the country stopped luring speculative investments with absurd interest rates.
Now, those hurdles are behind us (albeit less than gracefully). The largely young, proud, and hard-working population is still here. They are waiting for capital to create dignified jobs and are eager to earn the status of First World consumers.