Senate (Camara de Senadores): elections last held on 21 August 1994 (next to be held NA); results - percent of vote by party NA; seats in full Senate - (128 total; Senate expanded from 64 seats at the last election) PRI 93, PRD 25, PAN 10 Chamber of Deputies (Camara de Diputados): elections last held on 24 August 1994 (next to be held NA); results - percent of vote by party NA; seats - (500 total) PRI 300, PAN 119, PRD 71, PFCRN 10
Judicial branch: Supreme Court of Justice (Corte Suprema de Justicia)
Political parties and leaders: (recognized parties) Institutional
Revolutionary Party (PRI), Maria de los Angeles MORENO; National
Action Party (PAN), Carlos CASTILLO; Popular Socialist Party (PPS),
Indalecio SAYAGO Herrera; Democratic Revolutionary Party (PRD),
Porfirio MUNOZ Ledo; Cardenist Front for the National Reconstruction
Party (PFCRN), Rafael AGUILAR Talamantes; Authentic Party of the
Mexican Revolution (PARM), Rosa Maria MARTINEZ Denagri; Democratic
Forum Party (PFD), Pablo Emilio MADERO; Mexican Green Ecologist Party
(PVEM), Jorge GONZALEZ Torres
Other political or pressure groups: Roman Catholic Church;
Confederation of Mexican Workers (CTM); Confederation of Industrial
Chambers (CONCAMIN); Confederation of National Chambers of Commerce
(CONCANACO); National Peasant Confederation (CNC); Revolutionary
Workers Party (PRT); Revolutionary Confederation of Workers and
Peasants (CROC); Regional Confederation of Mexican Workers (CROM);
Confederation of Employers of the Mexican Republic (COPARMEX);
National Chamber of Transformation Industries (CANACINTRA);
Coordinator for Foreign Trade Business Organizations (COECE);
Federation of Unions Providing Goods and Services (FESEBES)
Member of: AG (observer), APEC, BCIE, CARICOM (observer), CCC, CDB,
CG, EBRD, ECLAC, FAO, G- 6, G-11, G-15, G-19, G-24, GATT, IADB, IAEA,
IBRD, ICAO, ICC, ICFTU, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO,
INMARSAT, INTELSAT, INTERPOL, IOC, IOM (observer), ISO, ITU, LAES,
LAIA, NAM (observer), OAS, OECD, ONUSAL, OPANAL, PCA, RG, UN, UNCTAD,
UNESCO, UNIDO, UNITAR, UNU, UPU, WCL, WFTU, WHO, WIPO, WMO, WTO
Diplomatic representation in US: chief of mission: Ambassador Jesus SILVA HERZOG Flores chancery: 1911 Pennsylvania Avenue NW, Washington, DC 20006 telephone: [1] (202) 728-1600 consulate(s) general: Atlanta, Chicago, Dallas, Denver, El Paso, Houston, Los Angeles, Miami, New Orleans, New York, San Antonio, San Diego, San Francisco, San Juan (Puerto Rico) consulate(s): Albuquerque, Austin, Boston, Brownsville (Texas), Calexico (California), Corpus Christi, Del Rio (Texas), Detroit, Eagle Pass (Texas), Fresno (California), Loredo, McAllen (Texas), Midland (Texas), Nogales (Arizona), Oxnard (California), Philadelphia, Phoenix, Sacramento, St. Louis, Salt Lake City, San Bernardino, San Jose, Santa Ana, Seattle
US diplomatic representation:
chief of mission: Ambassador James R. JONES
embassy: Paseo de la Reforma 305, Colonia Cuauhtemoc, 06500 Mexico,
Distrito Federal
mailing address: P. O. Box 3087, Laredo, TX 78044-3087
telephone: [52] (5) 211-0042
FAX: [52] (5) 511-9980, 208-3373
consulate(s) general: Ciudad Juarez, Guadalajara, Monterrey, Tijuana
consulate(s): Hermosillo, Matamoros, Merida, Nuevo Laredo
Flag: three equal vertical bands of green (hoist side), white, and red; the coat of arms (an eagle perched on a cactus with a snake in its beak) is centered in the white band
@Mexico:Economy
Overview: Mexico, under the guidance of new President Ernesto ZEDILLO, entered 1995 in the midst of a severe financial crisis. Mexico's membership in the North American Free Trade Agreement (NAFTA) with the United States and Canada, its solid record of economic reforms, and its strong growth in the second and third quarters of 1994 - at an annual rate of 3.8% and 4.5% respectively - seemed to augur bright prospects for 1995. However, an overvalued exchange rate and widening current account deficits created an imbalance that ultimately proved unsustainable. To finance the trade gap, Mexico City had become increasingly reliant on volatile portfolio investment. A series of political shocks in 1994 - an uprising in the southern state of Chiapas, the assassination of a presidential candidate, several high profile kidnappings, the killing of a second high-level political figure, and renewed threats from the Chiapas rebels - combined with rising international interest rates and concerns of a devaluation to undermine investor confidence and prompt massive outflows of capital. The dwindling of foreign exchange reserves, which the central bank had been using to defend the currency, forced the new administration to change the exchange rate policy and allow the currency to float freely in the last days of 1994. The adjustment roiled Mexican financial markets, leading to a 30% to 40% weakening of the peso relative to the dollar. ZEDILLO announced an emergency economic program that included federal budget cuts and plans for more privatizations, but it failed to restore investor confidence quickly. While the devaluation is likely to help Mexican exporters, whose products are now cheaper, it also raises the specter of an inflationary spiral if domestic producers increase their prices and workers demand wage hikes. Although strong economic fundamentals bode well for Mexico's longer-term outlook, prospects for solid growth and low inflation have deteriorated considerably, at least through 1995.