Economic disaster

there are many financial interviews with the investment expert and fund manager, is well known in the press for his business successes and various strategies In 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 to finance exploration thoughtlessly infrastructure and exploitation 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) Children’s Medical Fund of New York and building an obese bureaucracy to create new state secretaries and a multitude of organisms, acquiring and participating equally in more than hundred 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 family of funds 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 measures to cut spending and lower the price of a barrel of crude to cope with oversupply Children’s Medical Fund and austere self-energy by the world market, being the scapegoats Finance Secretary, David Ibarra, and Jorge Diaz Serrano, director of Petroleos Mexicanos (PEMEX) Hollywood and a friend over the years mozos agent at Ribotsky the first level of public service, both serious candidates for the Executive.
With regard to the currency, the peso was devalued in late around 400 as a result of another episode of 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 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 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. 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 the necessary measures and weighed, which is seen in his argument: “We looted. aside from standing at the helm of the investment management is also a successful Hollywood producer with two movies to his name Mexico has not been finished. No We will loot. ” In subsequent years the results movie producer 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 investment portfolio evident shortly after the peak of a banking Parallel hidden in houses various stock and financial institutions that encouraged speculation, with the negligent The 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, so far absorb huge quantities budget.
Then, recalling the dispossessed and marginalized, those who in his fund management 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, investment 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.

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