Mexico: Credit Where Credit Is Due

What country is running a surplus in both its trade and budget accounts? Germany? No. Japan? No. The U.S.? Hardly. Mexico, thank you. What country, facing a horrific currency crisis, has had the political courage to ram through huge tax increases on consumption--not investment or personal income--and sell off big stakes in state-owned companies? France? Never. Spain? Not yet. Mexico again. What country, facing grave economic conditions, has kept its capital and trade markets totally open? You guessed it.

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