Guillermo Ortiz: The ‘trigger’ point

Guillermo Ortiz: The ‘trigger’ point

Mexico Economy & Policy Corporate & Sovereign Strategy

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

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