Mexican economic crisis of 1994

By NGChapou

  • Carlos Salinas de Gortari wins the presidential elections

    Won with 50% of the votes. His main opponent, Cuahutémoc Cárdenas, of the Democratic Revolution Party obtained 38%.

  • Cardinal Juan Jesús Posadas Ocampo is Assassined

  • NAFTA approved

    The Mexican Senate approved the North American Free Trade Agreement.

  • 408 previously state owned industries are privatized

    At the beginning of Salinas' presidency there were 608 parastatal industries.

  • Zapatista uprising

    As a response to poor socialand economic conditions, repression, general economic instability and the NAFTA, the Zapatist Army of National Liberation uprises in the State of Chiapas.

  • Luis Donaldo Colosio is assasined

    Luis Donaldo Colosio, the Instituional Revolutionary Party presidential candidate for the 1994 elections is assasined. His campaign manager Ernesto Zedillo Ponce de León replaces him.

  • José Francisco Ruíz Massieu is assasinated

    José Francisco Ruíz Massieu, general secretary of the Institutional Revolutionary Party, is assasined.

  • Ernesto Zedillo becomes President of Mexico

  • Zedillo approves devaluation of peso

    After being informed by The Bank of Mexico that the federal reserve was drying out, Zedillo approved a 15% devaluation of the currency.

  • Peso is put on clean float

    The devaluation was ineffective and unsustainable with the global economy.

  • International help

    The IMF and the United States Treasury Department inject 51,000 million dollars to the Mexican economy paired with an austerity plan to aid Mexico.

  • Loan is payed

    The loan from the IMF is completely payed by the Mexican government.