[Congressional Record Volume 142, Number 135 (Thursday, September 26, 1996)]
[House]
[Pages H11232-H11233]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   IS MEXICO REALLY IN DIRE STRAITS?

  (Mr. NEY asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. NEY. Mr. Speaker, on January 31, President Clinton announced he 
was assembling a bailout for Mexico. This plan offered direct loans up 
to $20 billion for Washington, DC, and $27.8 billion from international 
agencies to help Mexico through its economic crisis. But did Mexico 
need all of it?

[[Page H11233]]

  The Mexican economic crisis began in late December 1994, and 
President Ernesto Zedillo was inaugurated as the Mexican President on 
December 1, 1994. Is Mexico really in dire straits?
  The President of Mexico claims to make $8,000 a month. This past 
weekend in an article the Mexico Civil Alliance has found that the 
Mexican President has a secret fund of $86 million approved by Mexico's 
Congress for 1996 to use at his discretion. The Mexican mayor received 
a $100,000 Christmas bonus.
  Again, did we really need to bail Mexico out without any questions? 
Or did we simply give their Government more money to use at their 
discretion to give bonuses and have secret funds?
  No more executive orders for bailouts. Where is the economic 
accountability for our taxpayers?

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