Mexico resist crisis

Economically, Mexico is bearing up much better than it's neighbors to the north. When the New York Times reached out to Mexican billionaire Carlos Slim for a 250$ million loan to keep the newspaper afloat, it became clear to the world what Mexicans already knew: Mexico had been able to avoid the worst of the US. economic crisis.
When the US Federal Reserve extended a loan of 30$ billion each to the central banks of Brazil, South Korea, Singapore and Mexico, Mexico did not touch those funds. It simply reinvested them in treasury bonds, leaving them in accounts in New York.
This is no accident. It stems from prudent economic policies implemented after the December 1994 devaluation of the mexican peso that sent the economy into a tailspin. At that time, President Ernesto Zedillo had been in office a few days and his entire agenda was thrown into disarray by the crisis.