[Public Papers of the Presidents of the United States: William J. Clinton (1995, Book II)]
[October 5, 1995]
[Page 1543]
[From the U.S. Government Publishing Office www.gpo.gov]



Statement on the Financial Recovery in Mexico
October 5, 1995

    This morning I received a call from Mexican President Ernesto 
            Zedillo. I am pleased to announce that he informed me that 
            Mexico is ready to repay $700 million of the U.S. financial 
            assistance we provided earlier this year to address Mexico's 
            financial crisis. This news is another important step on the 
            road to financial recovery for Mexico, and I am very pleased 
            that this repayment comes sooner than expected. I 
            congratulated President Zedillo on his resolve to implement 
            the tough measures needed to restore economic stability and 
            growth.

    Last winter, an imminent financial collapse of Mexico threatened the 
economic and national security of the United States. At my direction, 
the United States took action to form an international coalition to 
provide Mexico sufficient funds to refinance its debts. It is critically 
important that Mexico remain a stable neighbor, continuing to grow as a 
market for our exports and to cooperate with us on a broad range of 
issues of mutual concern.
    Today's decision sends a positive signal to the financial markets 
that the tough financial measures Mexico has undertaken are succeeding 
and the American taxpayer is being repaid ahead of schedule.
    I look forward to meeting with President Zedillo next week when he 
visits Washington on his first state visit and discussing the broad 
range of issues affecting our two countries.