Life in Mexico from 1982 to 1994 (part 3)

Fall of the Mexican Stock Exchange (BMV)

 

From January the stock was growing dramatically until October until October gave 690 percent yield and a multiple of 22 times. Greed awoke among many people who deposited his fortune in the stock market; the middle class also entered the speculative fever. In 1982 there were 66 000 investors in BMV, but in September 1987 and were 417 000.

Things were so hot for October 5th BMV won 26, 677.53 points in the first half hour. Day 19 Monday became black, when there was a take-profit and lost BMV 24 000 points and as many on Tuesday 20. More than 180,000 investors lost their money suddenly.

Speculation moved the exchange market, utilities jacks were used in massive purchases of dollars and capital flight was 2,500 million dollars, so that the peso was devalued by 30 percent. With the devaluation inflation soared, that this year reached record levels almost 10 percent in November and 14.8 in December.

Economic Solidarity Pact (PSE)

Given the economic situation in the country was left after the fall of the Mexican Stock Exchange, President Miguel de la Madrid had to resort to an emergency program called Economic Solidarity Pact. With PSE UN20 wages rose percent, which was stop, but also froze the exchange rate and guaranteed prices, increased taxes, decreased government spending and disappeared investment stimuli.

The purpose was to stop inflation, but the fed PSE further increases in petrol and public services, including transport, which resulted in a general increase in prices.

Elections 1988, Candidates:

Rosario Ibarra de Piedra (PRT)

Heriberto Castillo (PMS)

Manuel Clouthier (PAN)

Carlos salinas de Gortari (PRI)

Gumersindo Magaña Negrete (PDM)

Cuauhtemoc Cardenas Campaign
 

Began in late November, in Morelia, Michoacán. His campaign started slowly, but by the end of February was greeted with enthusiasm in La Laguna, later came to City University (UNAM) where he did very well and thereafter his campaign was gaining more strength. By June, Cárdenas's candidacy was a visible phenomenon.

The strength of the campaign Cardenas cemented when Heberto Castillo, TDC, yielded to pressure from his comrades and withdrew his candidacy in favor of Cuauhtémoc.

Campaign Carlos Salinas de Gortari

 

The Salinas campaign was not going well, in Tabasco repudiated the archaic system drifts, in LA Laguna was greeted with boos and insults, threw stones at CU. This led in January 1988 to strengthen the campaign propaganda unlimited spending and advertising and then accepted the old system carries. Most of the media was available, what image experts presented as attractive merchandise.

Salinas also had all the resources of the federal government and the state. Salinas had to change his campaign for the populism that so detested, got among the people, declared center-and the owner of the slogans of the opposition.

Manuel Clouthier Campaign

A campaign that was growing, especially in the north, where there was great discontent with the PRI. In the capital organized a human chain of 100 000 PAN and finally closed at large in Merida, Guadalajara and socket Mexico City.

Elections 1988

Since May were accumulating signs of voter fraud across the country. The pattern was altered by 30 percent and special boxes designed for crooked operations ; also circulated thousands of ballots pre-marked for the PRI , is buying votes with tortibonos , unions pressured workers to vote for the PRI , spent over two billion dollars in PRI campaigns and published surveys.

The government secretariat boasted that he had acquired a very modern cyber computer system that cost $ 17 million and that would have preliminary minute.

The July 6 people out to vote in large numbers and except for some incidents, the day passed quietly. Little by little after six in the evening when information flowed minute by minute, the Interior Minister Manuel Bartlett informed the commissioners of the CFE that the computer system had fallen, so the information would be suspended until the results 10 at night.

Manuel Clouthier, Cuauhtemoc Cardenas Solorzano and Rosario Ibarra protested and denounced the illegality of the election process. The days after the feedback was storm in the country, Mexicans showed their dissatisfaction with this situation and there were several demonstrations.

Even a week after the official results were: 50 percent for Salinas, 31 percent for Cuauhtemoc Cardenas and 17 percent for Maquio Clouthier.

Salinas as President

He took office on December 1, 1988. His administration broke with the discourse and ideology of revolutionary nationalism that came with Luis Echeverria and Jose Lopez Portillo appeared yet in the government of Miguel de la Madrid as a base and ideological support of the PRI.

On December 2, 1988 was held the National Solidarity Program "PRONASCO" to try to have a social justice. Those federal government also attended the country in general was driven by a sense of nationalism and social development. They were awarded over a million peasants credit.

It created more supply stores changed the country's economic model through a modernization program. Stimulated exports. Renegotiated foreign debt and made Mexico is subject to the conditions imposed by the Inter-American Development Bank (IDB ). Promoted the creation of the Free Trade in North America with the United States and Canada. He sold the vast majority of parastatals at prices below their real value and offer processes were very clear. 199 in 1991 and finally gave land reform and reformed the Constitution and the laws on land. He reformed the relationship between the state and the church.

During his government gave the sale of Telefonos de Mexico ( Telmex ), whose sale was conducted through an auction open to the public in which several foreign groups and other entrepreneurs who offered to purchase larger quantities , but one of the base requirements was that the majority of the shares of TELMEX Mexican should be left . The person who offered a higher amount for purchase was Carlos Slim, owner of Carso Group , that's how she modernizing Mexico phones . There was also the privatization of banking and the signing of NAFTA. Also sold 18 institutions and thus managed to collect about 13,000 million dollars and were intended to pay the national debt.