So What Took Them So Long?

Bankers give Mexico a modest break on its crushing debt

In the seven years since its debt crisis first erupted, Mexico has struggled to make the economic reforms demanded by its creditors. The government has broken up some state monopolies, curbed subsidies and imposed such severe austerity measures that the country's standard of living has fallen below what it was a decade ago. Yet Mexico's economy has stagnated, largely because of its crushing debt burden (current total: $100 billion).

For all its trouble Mexico is finally getting a modest dose of debt relief, but whether it will be enough to right the country's economy is in question. Last week Mexico and...

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