[Weekly Compilation of Presidential Documents Volume 31, Number 40 (Monday, October 9, 1995)]
[Page 1772]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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.