Mexico's Biggest Stumbling Block: A Leader Who Doesn't Lead

Is Mexico headed for another meltdown? Certainly, confidence in President Ernesto Zedillo Ponce de Leon's economic management is in free fall. The latest blow to presidential credibility was the 1996 budget, announced on Nov. 13. It assumes a peso averaging 7.7 to the dollar, 20% inflation, and 3% economic growth. All are now considered unrealistic goals, following the peso's recent 15% plunge to nearly 8 to the dollar.

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