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Politics : Clinton -- doomed & wagging, Japan collapses, Y2K bug, etc
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To: Sidney Reilly who wrote (783)11/19/1998 2:42:00 PM
From: SOROS   of 1151
 
Wall Street Journal - 11/19/98

Dow Jones Newswires

WASHINGTON -- Mexico has asked the International Monetary Fund for a new loan designed to assure the markets that Mexico's
economic policies are sound and ward off any encroaching contagion from the global financial crisis.

The IMF plans to send a team to Mexico next month to examine economic conditions on the ground and discuss the size and
terms of a possible new loan, an international monetary official said. The IMF wouldn't comment on the Mexican loan.

With Brazil and Argentina already putting huge multilateral credit lines in place, Mexico is eager to secure an IMF credit line,
despite the fact that it has more than $30 billion in reserves.

The Clinton administration has been a leading advocate of providing preapproved IMF credit lines to countries whose economic
policies are prudent but whose currencies could come under pressure due to investor panic. It hasn't yet been decided whether the
Mexican loan would take that form.

The IMF and the U.S. Treasury led a $50 billion bailout of Mexico in 1995, after the peso came under attack and the country edged
close to default on $29 billion in short-term bonds. In return, Mexico adopted a range of austerity measures and reforms that
boosted confidence in the economy, but at a hefty social cost: a slump in economic growth in 1995 and surging unemployment.

Since then, Mexico's economy has posted strong growth. The Finance Ministry said Wednesday that gross domestic product grew
5% in the third quarter.
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