jan 1, 1994 - Mexico suffers speculative attack which transforms into banking crisis

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This caused the mexican pesos to sink as the mexican government did not have enough reserves to keep the pesos at the fixed rate of 0.30 cents to the dollar.
Many indebted firms collapsed under the massive amount of "new debt" caused by the devaluation of the pesos.
At the end Mexico's situation was "saved" by the IMF and the USA which provided the country with tens of billions in distress lending,

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