September 1, 2013
By Taimur AhmadMemories of financial crises run deep in Mexico – perhaps for no one more so than Guillermo Ortiz.
Barely four weeks into his job as minister for communications and transport, Ortiz was given an unenviable task: to save Mexico from default.
It was December 1994. The peso had just collapsed, following a decision by the government to devalue the currency and let it float. Jaime Serra, the finance minister, promptly resigned. Mexico’s so-called ‘tequila crisis’ was now in full swing, as capital fled the country.
Then-president Ernesto Zedillo tapped Ortiz for the finance portfolio in a bid to calm markets. In that role, he would, in the months ahead, help pull Mexico back fro
Mexico’s ‘tequila’ crisis remains a raw memory as the world braces for a rise in US interest rates. Latin America must be prepared, says Banorte chairman Guillermo Ortiz