Chris Dodd 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 to the White House, explained the situation, and asked for their support. All of them pledged it, including Senator Chris Dodd.

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

The above quotations are from My Life, by Bill Clinton. Click here for other excerpts from My Life, by Bill Clinton. Click here for other excerpts by Chris Dodd. Click here for a profile of Chris Dodd.
Please consider a donation to OnTheIssues.org! Click for details -- or send donations to: 1770 Mass Ave. #630, Cambridge MA 02140 E-mail: submit@OnTheIssues.org (We rely on your support!)

Page last updated: Feb 19, 2019