The 1994 economic crisis in Mexico, widely known as the Mexican peso crisis or the Tequila crisis, was caused by the sudden devaluation of the Mexican peso in December 1994.
The impact of the Mexican economic crisis on the Southern Cone and Brazil was labeled the "Tequila effect" (Spanish: efecto tequila).
Read more about 1994 Economic Crisis In Mexico: Precursors, Financial Assistance Package
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