Mexico: A Rough Road Back

For President Ernesto Zedillo Ponce de Len, it was a rare occasion. In a mid-October state visit with President Clinton, his first since the U.S. brokered a $50 billion international bailout for his country, Zedillo basked in praise for his disciplined handling of Mexico's financial crisis. Not a year has passed since Mexico's botched peso devaluation plunged the economy into near-chaos. Yet exports are booming, and the country is borrowing billions again on the international markets. Raising a glass at a lavish White House dinner, Clinton complimented Zedillo on his "courage and determination."

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