After a few turbulent weeks in international financial markets, in the beginning of this week you can breathe optimism and a little peace of mind. As I said in yesterday’s article and one day the markets changed humor ads in Governments to sustain their systems financial gave result and markets changed their mood. To complement the barrage of ads produced during last Monday, yesterday, USA.UU., confirmed the partial nationalization of banks consisting of the purchase of shares of such entities, what plan to allocate $250,000 million US $700,000 billion of the rescue program approved by the US Congress.The U.S., which ended dispel the fears in the market about the U.S. financial system. Calm in international markets and the brake to the meltdown of the American financial system, have undoubtedly represented a great relief to Mexico. Is that the Mexican economy, which already feel the impact of the slowdown (or rather, recession) was American economic, In addition, affected from other fronts that were threatening to generate a destabilizing effect. Until a few weeks ago ago, the American crisis felt in Mexico through reduction in U.S. demand for Mexican products and the reduction of remittances that Mexicans resident in the United States.UU., sent to the country.
But in recent weeks, the financial channel also began to feel the impact of the crisis in the U.S. financial system. The same Guillermo Ortiz, Governor of the Bank of Mexico, acknowledged in an interview the impact of the crisis on the financial channel saying: three weeks ago did not feel any contagion through financial channels, but already feel financial contagion. The turmoil in markets had resulted in a strong weakening of the Mexican currency against the US dollar, reaching quote at $14 per unit of the greenback. In this context, the Central Bank of Mexico came to sustain the trading of its currency, which had to pay a cost for not inconsiderable.