Mexico
Clinton faced yet another foreign crisis in early 1995, when the value of the Mexican peso began to fall sharply and threatened the collapse of the Mexican economy. Clinton believed the collapse of Mexico's economy would have a negative impact on the United States because of their close economic ties. He proposed a plan that would have helped Mexico ease out of financial crisis, but the new Republican-controlled Congress, fearing that constituents would not favor aid money to Mexico, rejected the plan. In response, Clinton drafted a $20 billion loan package for Mexico to restore international confidence in the Mexican economy. The loan was approved and Mexico completed its loan payments to the United States in January 1997, three years ahead of schedule. However, issues such as drug smuggling and U.S. immigration policies continued to strain relations between the United States and Mexico during Clinton's terms in office.
Read more about this topic: Foreign Policy Of The Bill Clinton Administration
Famous quotes containing the word mexico:
“Is this what all these soldiers, all this training, have been for these seventy-nine years past? Have they been trained merely to rob Mexico and carry back fugitive slaves to their masters?”
—Henry David Thoreau (1817–1862)
“I think New Mexico was the greatest experience from the outside world that I have ever had.”
—D.H. (David Herbert)