Economy
Mexican debt swap triggered global market panic
HERE’S THE INTERESTING PART
In 1994, the Mexican government thought it would be absolutely brilliant to issue short-term sovereign debt heavily pegged to the US dollar to show confidence. The precise moment foreign investors got mildly spooked by a political assassination, massive capital flight instantly drained Mexico's reserves, triggering the catastrophic 'Tequila Crisis' and forcing an international bailout.
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