Mexican Crisis and Response

THE developing country with the largest outstanding external debt is now Mexico. Last month it was in danger of defaulting on its payments. Something like $ 16 billion were duo to be repaid by Mexico on an outstanding debt of dose to $ 90 billion. With oil prices having been on 'the decline for almost a year and Mexico's policy of selling only as much oil as it needs to sell and conserving the rest for the future, it is a matter of surprise that the crisis took so long to surface.