International Business
MEXICAN STOCKS
Mexican stocks rose after interest rates dropped more than expected at the weekly auction of government securities, analysts said. Late Tuesday, Mexico’s central bank said the yield on its 28-day treasury bill had fallen to 47% from 52.24%, the lowest level in four months. * The Bolsa index initially fell after the government announced it would bolster the capital of Mexico’s third-largest financial institution, Grupo Financiero Serfin. * Banks have suffered since the devaluation of the peso in December caused interest rates to skyrocket. The higher rates set off a wave of loan defaults from companies and individuals who couldn’t pay their debts. The Bolsa Index
Wednesday closes: 1,985.26
Source: Bloomberg Business News
SPOTLIGHT: ARGENTINA
The Mexican debt crisis caused some capital flight and other signs of nervousness in Argentina. The government is selling off energy and utility assets to maintain liquidity and a balanced budget in 1995. Argentina had the lowest inflation rate in Latin America in 1994 and a booming economy.
Sources: Bank of America, World Information Services
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