Various forms of present government corruption threaten Mexico’s dreams of growth. Past similar attempts at self-aggrandizement stir the memories of many long-time residents. The 1994 devastation of the Mexican economy is one of these. A new president, Ernesto Zedillo, had just been sworn in (December 1,1994), unknowingly inheriting the disguised economic debris left behind by outgoing President Carlos Salinas de Gortari.
The most destructive implement wielded by the Salinas administration was the deliriously popular national credit program, a maneuver that became economically suicidal. Its flaws were so well veiled that practically no top political operatives and only a scant few of the president’s closest confidants knew what was taking place.