(11 Jan 1995) The Mexican stock market took a roller-coaster tumble on Tuesday
(10/1), at one point taking its worst fall since 1987, then
regaining ground to close 6.26 percent lower. The day was one of
the most volatile for the market since Mexico’s financial problems
snowballed into a crisis three weeks ago. Mexican Foreign Minister
Jose Angel Gurria Trevino, in Japan seeking financial assistance,
said Mexico’s currency crisis would soon be overcome. He said a
$US 24 billion package — $US 18 billion plus $US 6 billion of
Mexican reserves — should be enough to stabilise the exchange
market in Mexico. Mexico announced early this year an emergency
economic reform programme. This was based on the $US 18 billion
international financial aid package from governments — including
japan — and commercial banks. Gurria said the Japanese government
and the Bank of Japan had agreed to support the aid package.
SHOWS:
TOKYO, JAPAN 11/1
0.00 cu of finance minister jose angel gurria trevino, SOT:
"and one of the reasons why we are expecting the exchange
rate may stabilise at a lower level than it is today,
right now it is at 5.3 or something and we are budgeting
for 4.5 as the level at which we would expect to stablize
to work the budget out.
0.21 ws of presser
0.23 cutaway of presser pans around to table
0.28 cu of gurria sot: typically when you have very high
interest rates, it relects some danger of devaluation
that has happened already. So my expectations is that the
rate will come down fairly fast and then the stock market
would adjust correspondingly.
0.42 ws of japanese stock market
0.45 vs cus of dealers
0.53 cu of computer keyboard
0.57 vs ms of dealers
1.09 ws of dealers at table
1.12 digital sign with exchange rate.
1.14 ws of dealing room
1.17 ends
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