Staying the Course
Mexico's director of public credit, responsible for managing the country's debt issuance, embodies Mexico's culture of continuity in economic policy.
Vicente Fox's ascension to the presidency not only ended
seven uninterrupted decades of rule by the Institutional
Revolutionary Party (PRI), it also led to sweeping changes in
the federal government. With one exception. The technocrats at
the Finance Ministry, known as Hacienda, were scarcely touched.
Fox chose Francisco Gil Díaz, who had served as a
minister in PRI governments, to direct Hacienda. Gil
Díaz, who insisted on picking his own people, chose
Andrés Conesa as head of budget and planning. Family
ties posed no obstacle to Conesa's ascent as he subsequently
won promotion to director of public credit, despite the fact
that he is the nephew of Francisco Labastida, the PRI candidate
Fox defeated in 2000. Like many members of the Hacienda team,
Conesa holds brilliant credentials as an academic economist,
with a doctorate from...
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