Bill Weld in My Life, by Bill Clinton

On Foreign Policy: 1994: Supported $25B Mexico bailout

We asked the Congress to approve $25 billion in loans to allow Mexico to pay its debt on schedule and retain the confidence of creditors & investors, in return for Mexico's commitment to financial reforms & more timely reporting on its financial condition, in order to prevent this from happening again.

The risks were considerable, but I had confidence in Mexico's new president, Ernesto Zedillo. Besides, we simply couldn't let Mexico fall without trying to help. In addition to the economic problems it would cause both for us and for the Mexicans, we would be sending a terrible signal of selfishness and shortsightedness throughout Latin America.

I called the congressional leaders, explained the situation, and asked for their support. All of them pledged it. Several governors were also supportive, including Bill Weld of Massachusetts, who had a great interest in Mexico.

Congress would not pass the bill so we ended up providing the money to Mexico out of the Exchange Stabilization Fund.

Source: My Life, by Bill Clinton, p.642-643 Jun 21, 2004

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Page last updated: Feb 19, 2019