Breathing Room

The IMF helps out Mexico

As the price of oil has tumbled to nearly $10 per bbl., Mexico has been in ever greater danger of defaulting on its $98 billion foreign debt, a calamity that would shake the world financial system to its core. But Mexico took a step back from the abyss last week when its Finance Minister, Gustavo Petricioli, flew to Washington to sign an agreement with the International Monetary Fund that could generate $12 billion in new loans to spur Mexico's economy and make up for lost oil-export revenues. The deal was noteworthy because it suggested that the IMF could be moving away...

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