From Bad to Worse

Lake, George Byram
October 1982
National Review;10/15/1982, Vol. 34 Issue 20, p1279
The article provides an opinion on the state of the nation address given by Mexican President José López Portillo in Mexico. Since his last state of the nation address there is a steady decline in the credibility and popularity of Portillo as he has led Mexico in the world's largest foreign debt. During his speech, he impounded all dollar deposits in Mexican banks. According to him, that money can only be withdrawn as peso. Everyone now including tourists, must surrender dollars for pesos at an arbitrary low rate to the Mexican government.


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