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Mexico economy woes dim hopes of postoil boom gains
Mexico faces deep recession as oil wealth evaporates and foreign debt rises to 35.9 billion dollars. Two thirds of export earnings go to debt service, triggering job losses and rising prices. Analysts blame past spending and mismanagement under Lopez Portillo and Portillo era subsidies. De la Madrid fights to stabilize with austerity, refinancing, and export focus amid 1980s inflation and slow growth.
MENTIONED IN THIS ARTICLE
Mexico City
Emilio Ramos
Lyz Phar
Ramos
Mexico
United States
Miguel de la Madrid
U.S
Jose Lopez Portillo
de la Madrid
Lopez Portillo
Pemex
JLP
Armando Ayala Anguiano
Jorge Diaz Serrano
Institutional Revolutionary Party
Ayala