... floating exchange rate. A potentially beneficial economic development was the discovery in 1974 and 1975 of huge crude-petroleum deposits in Campeche, Chiapas, Tabasco, and Veracruz states. Oil production more than doubled during the latter half of the 1970s. By the mid-1980s a rapid increase in foreign debt, coupled with falling oil prices, had plunged the country into severe financial straits. In ... president, Ernesto Zedillo, is a strong advocate of reform. He has taken the lead in performing budget cuts, price and tax adjustments, tight monetary policy and further deregulation and pr...

• Word Count: 4462
• Approx Pages: 18
• Has Bibliography
• Grade Level: Undergraduate