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10 Oct 08

Memories of the Meltdown: The Sky Is Falling on Mexico Too | North American Congress on Latin America

nacla.org/5078 - Preview

Mexico financial_crisis NAFTA

the gringo credit crunch has already spread south of the border.
"Jazz Effect"
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- finance minister Agustín Carstens
- Felipe Calderón
- Sinking oil prices
- PEMEX accounts for 40% of the nation's budget.
- nosedive in "remesas
- Remittances are Mexico's second source of dollars, right behind petroleum.
- Although the Calderón administration plays down the return migration, estimating that no more than 200,000 workers will come home to Mexico in coming months, many immigration watchers are calculating that the numbers could stretch into the millions.
- Manufacturing orders for border-based maquiladoras are plummeting and hundreds of thousands of jobs have been lost to even lower wage countries like China in recent years.
- pension funds
- Carlos Slim

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