THE WEEK: JANUARY 29-FEBRUARY 4

JANUARY 29-FEBRUARY 4

NATION

Clinton Rescues the Peso

President Clinton used his emergency powers to craft an economic rescue package for Mexico intended to avert the possibility of loan defaults that could ignite financial panic throughout the hemisphere. The President thus neatly bypassed congressional opposition to his original proposal of $40 billion in loan guarantees. Despite some grumbling on Capitol Hill, the President's move received support from both the Republican and Democratic leadership (and a sigh of relief from many members happy to be freed from having to vote on a controversial aid package). For the most part, Mexican financial markets reacted favorably to...

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