[Congressional Record Volume 141, Number 20 (Wednesday, February 1, 1995)]
[House]
[Page H980]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                         OPPOSE MEXICAN BAILOUT

  (Mr. ROTH asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. ROTH. Mr. Speaker, the American taxpayer and the people of Mexico 
have had a heavy load added to their backpack yesterday. The American 
taxpayers and others for the sixth time have bailed out Mexico now in 
the last 12 years. Remember the Baker plan and the Brady plan? They 
were supposed to have ended the Mexican debt crisis back in 1990.
  This is a serious problem, and one of the reasons is this: In Mexico 
they are paying as high as 20 percent, 25 percent, as high as 51 
percent on these bonds. How can these poor people possibly come out 
from under this heavy burden?
  I hope that the people here in Congress will speak out and oppose 
this outrageous direct transfer of wealth from the pockets of the 
American taxpayers to the pockets not of the people of Mexico, but to 
the Mexican elite. They have more billionaires in Mexico per capita 
than any country in the world. They are taking their money out, putting 
it into our country, and we are taking the taxpayers' money and putting 
it into Mexico.
  It does not make sense. This is a very bad deal for us. No wonder the 
American people are again singing the old ballad ``16 Tons,'' ``Another 
day older, and deeper in debt.'' I feel sorry for the American taxpayer 
and the poor people of Mexico.


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