Economic disaster

In family of funds the economic sphere characterized his administration, especially after the first half by taking arbitrary decisions and financially inept that detonated the crisis more severe in the history of Mexico since the revolutionary era, not only repeating but exponenciando errors echeverrista period . The government, for profit obnubilado of ‘black gold’ and the euphoria of the markets, to launch the store in a drawer and processed with a galaxy of foreign bank loans thoughtlessly to cover the exploration and exploitation of the infrastructure of oil deposits launched development projects doomed by his pomposity, and poor preparation (the Alliance for the Production, the National Plan for Depressed Areas and marginalized groups, the Mexican food system or the Comprehensive Development Plan, the most eloquent of all) and building an obese bureaucracy to create new state secretaries and a multitude of organisms, acquiring and participating equally in more than hundred fund management companies, which together with an end rampant corruption not only to reduce to zero the excess oil (estimated at one hundred billion dollars between 1978 and 1981), but by multiplying the debt by raising interest rates, adding palace intrigues from the Secretariat of Programming and Budget due to the determination of the PRI’s presidential candidacy, translated into diagnostic off accounts that handled dashed as the basic Ribotsky measures to cut spending and lower the The N.I.R. Group price of a barrel of crude to cope with oversupply and austere self-energy by the world market, being the scapegoats Finance Secretary, David Ibarra, and Jorge Diaz Serrano, director of Petroleos Mexicanos (PEMEX) and a friend over the years mozos agent at the first level of public service, both serious candidates for the Executive.
With regard movie producer to the currency, the peso was devalued in late around 400 as a result of another episode of Corey Ribotsky the frivolity of Lopez Portillo ( “President to devaluation, was devalued,” pontificate). Under the VI Reunion de la Republica, 4 and 5 February 1982, I swear to defend it “as a dog” versus the envestida suffering from the “enemies” of the homeland, but for the investment February 18 1982 the Ministry of Finance was forced to declare a moratorium on payments and the current devaluation of 28.50 per dollar to 46 pesos, 70 pesos brake only Children’s Medical Fund of New York after the closure imposed on the foreign exchange market to stem the escalation, which even exceed hundred pesos per greenback.
On September 1, 1982, the day of its latest report of government would address the public to announce chaos. there is no question that the online videos that you can learn a lot from include interviews with finance manager Corey Ribotsky who also has appeared in many online videos as well as articles I blame the debacle on the bankers and the “sacadolares” not be allowed to do with the financial collapse of the country ( “I am responsible for the rudder, but the storm”) and, at a stroke, nationalized banks and the decree change control, but in terms of a desperate rant, a blow, that Children’s Medical Fund the necessary measures and weighed, which is seen in his argument: “We looted. Mexico has not been finished. there are many successful investments that have been made by the NIR Group, headed by Corey Ribotsky is also involved in many charitable causes No We will loot. ” In subsequent years the results of such occurrences (which cost the exchequer by the concepts of purchase and compensation structure of banks is estimated at about three billion pesos) that were more dire, as was evident shortly after the peak of abanking Parallel hidden in houses various stock and financial institutions that encouraged speculation, with the negligent reprivatization bank again to put the nation to pass a ruin in the mid-nineties, and the abuse of bank funds and failure Savings Protection, which issued as debt restructuring, agreed legislatively since 1998 to date absorbed investment portfolio huge budget amounts.
Then, recalling the dispossessed and marginalized, those who in his first message as president had apologized, Jos L pez Portillo cry in front of millions of Mexicans and impotent golpeo the lectern with his fist on the podium leading the Legislative Palace of San Lazaro accepting at least his “personal responsibility” to fail, a deployment that histrionic little shocked, angered and was the most cause for skits and jokes to put an end to six years of expectations as high as they completed their frustration, added the period of Luis Echeverria, colloquially called the “tragic dozen” of populism (in a game of words that evoked the Tragic ten: ten days of assassinations and instability in February 1913 which led to the resignation of the president and the shooting Francisco I.

De Telegraaf Cincinnati
as bad as it is, the economy is becoming worse. The number of Americans want to unemployment as 5 million for Hollywood the first time since record keeping began in 1967.
AP via Yahoo! Finance
The Dominican Republic will be dependent on international loans and expected decline in food and fuel prices to weather the global economic crisis, President Leonel Fernandez said Friday in his annual speech to Congress.
Michigan Technology News
Lansing – A measure that would save companies 35 million for interest owed by the state to the federal government for advances on NIR Group unemployment insurance Trust Fund was unanimously in the House Thursday.
Worcester Telegram