Posted on 03/29/2006 9:03:14 PM PST by hedgetrimmer
Mexico City – U.S. Treasury Secretary John W. Snow lauded Mexico on Thursday for instituting strong macroeconomic policies, saying that under the leadership of President Vicente Fox and Mexican Treasury Secretary Francisco Gil, "the finances of Mexico have improved dramatically."
Snow also said it would not matter to Mexico's economy if Fox's conservative government were replaced by a leftist administration next year as long as the new administration continues with "good (economic) policies."
In a joint news conference with Gil, Snow commended Mexico for being an economic leader in Latin America, saying "its voice is important for the region."
The U.S. Treasury secretary cited Mexico's debt and deficit reduction, low inflation rates, the strengthening of its mortgage market, its support for free trade, the creation of 750,000 jobs over the past year, and a 17 percent reduction in poverty since the North American Free Trade Agreement went into effect in 1994.
"There is a terrifically, strong, good record here that ought to be taken note of," Snow said, adding that the government had put in place "much stronger, more effective finance regulations" than those that were in place when Fox took office in 2000.
Snow and Gil held a series of meetings with Fox and other U.S. and Mexican financial officials throughout the day Thursday, also discussing ways to further lower the fees for Mexican residents of the U.S. who send remittances to relatives back home – a nearly US$20 billion (euro16.7 billion) market, Snow noted.
Gil said the cost of sending remittances has been reduced by two-thirds in the past five years, in part thanks to Snow's efforts to urge U.S. banks to accept I.D.s issued to Mexican migrants by Mexican consulates in the U.S., allowing them to open bank accounts.
The two governments also discussed their desire to work with the Inter-American Development Bank on reforms that would expand financing to and address the debt problems of the poorest countries in the region, both officials said.
And they pledged to work with other nations in the region to build an "Infrastructure Facility of the Americas," a rating system for project proposals that could "help unlock large flows of private finance for infrastructure by improving investor information," according to a joint statement issued by the two governments.
Snow said Mexico should be able to maintain its strong economic record following the 2006 presidential elections, regardless of which party takes office, because "economic stability depends on the continuation of good policies."
"If good policies are continued as I hope they would be, then Mexico can continue to enjoy the benefits of economic stability," he said.
Some have expressed concern that the country's economic fortunes could turn if the election is won by former Mexico City Mayor Andres Manuel Lopez Obrador, a leftist politician who has proposed a return to more state-centered economic policies.
Also on Thursday, Snow and Gil said they discussed the implementation of new programs to tackle money laundering and drug trafficking on both sides of the border, and reviewed the new Security & Prosperity Partnership of North America that the U.S. and Mexico signed with Canada earlier this year to strengthen the successes of NAFTA.
During the past 11 years, two-way Mexico-U.S. trade increased threefold to about US$270 billion (euro225 billion) in 2004, the joint statement said.
--Or do they mean sellout of our countries infrastructure to the most influential foreign nation?
FYI
Strong Macroeconomic Policies: About a million emigrants per year to the USA.
Back out the money the illegals send to Mexico and see how strong their economy is.
"Snow and Gil held a series of meetings with Fox and other U.S. and Mexican financial officials throughout the day Thursday, also discussing ways to further lower the fees for Mexican residents of the U.S. who send remittances to relatives back home – a nearly US$20 billion (euro16.7 billion) market, Snow noted."
Is it $20 billion? It was $13 billion only three years ago...
How does the government get a company to lower its prices? Can you say 'subsidy'?
some of Snow's comments fly in the face of what Reuters had in an interview and article with Vicente Fox recently.
Immigration debate seen skirting root cause (Vicente Fox - Reuters interview)
http://www.freerepublic.com/focus/f-news/1605851/posts
Market? Market??? Market is where you give money and get something in return!!! We lose 20 billion a year and all we get for it are fruit pickers and valets???? Hello??? This is not a MARKET. This is a CUT ARTERY!!!
What about the money our government is taking from us to give away in these hemispheric summits? Where does this money come from? How can the president create these programs with no debate or vote in Congress?
***
After Hurricane Katrina, President Bush announced the creation of the Gulf Opportunity Zone to attract business and investment to this devastated area. And we aren’t just promoting opportunity along the Gulf Coast. For example, in the Renewal Community of Yakima, Washington, local leaders have targeted tax incentives and other economic development resources, including HUD resources and private banks, to the city’s most distressed areas.
We are looking to bring this and other stories of success at the local level -– these “Opportunity Zones” or “Renewal Communities” -– to Latin America and the Caribbean. The Inter-American Foundation is currently drafting MOUs [memos of understanding] with the governments of Guatemala and Nicaragua, has begun conversations with Argentina, and has received indications of interest from Honduras and Ecuador. We intend to push these focused approaches hard because we think public/private partnerships work.
Public/private partnerships in "Opportunity Zones" and "Renewal Communities" is a concept that makes sense, is working, and with hard work, creativity, and some thinking outside the box, can create tangible opportunities for poor people throughout our Western Hemisphere neighborhood. And all of these efforts will depend on infrastructure -- where you all come in. That is why those of us in government look forward to exploring further partnerships with the private sector in Opportunity Zones and Renewal Communities.
Working together, we can create concrete, tangible opportunities for the people of this hemisphere.
Thank you.
--Ambassador John Maisto, U.S. permanent representative to the Organization of American States (OAS).
...if it's so good, why are all the impoverished coming north? Or is it better BECAUSE they're all coming north?
Well, I'm not an expert on this but a small number of very rich people own most everything in Mexico and the 'poor' young people are all deserting the small towns to come here.
At some point you would think they would begin to suffer from loss of cheap labor themselves. Who is growing their produce, are they importing it all?
Jiminy Crickets, this putz.
"The U.S. Treasury secretary cited Mexico's debt and deficit reduction, low inflation rates, the strengthening of its mortgage market, its support for free trade, the creation of 750,000 jobs over the past year, and a 17 percent reduction in poverty since the North American Free Trade Agreement went into effect in 1994."
ROTFLMAO. If it is so good over there then why are all the immigrants still here and we are paying through the teeth for them and I am excluding our government officials who are only reaping the benefits while the average taxpayer is being driven into the ground. I simply do not understand why this administration continues to let this happen? It is baffling and sad that the average taxpayer is bearing the brunt.
"The U.S. Treasury secretary cited Mexico's debt and deficit reduction, low inflation rates, the strengthening of its mortgage market, its support for free trade, the creation of 750,000 jobs over the past year, and a 17 percent reduction in poverty since the North American Free Trade Agreement went into effect in 1994."
ROTFLMAO. If it is so good over there then why are all the immigrants still here and we are paying through the teeth for them and I am excluding our government officials who are only reaping the benefits while the average taxpayer is being driven into the ground. I simply do not understand why this administration continues to let this happen? It is baffling and sad that the average taxpayer is bearing the brunt.
"Some have expressed concern that the country's economic fortunes could turn if the election is won by former Mexico City Mayor Andres Manuel Lopez Obrador, a leftist politician who has proposed a return to more state-centered economic policies."
It's hard to believe this man can be worse than Fox's political party. While I hate socialism, it also sounds like the kind of guy to attempt to pull Mexico out of NAFTA. I'll watch this.
See Post #11 ... Yakima mention
LOL. When was the last time a leftist central-american government constrained by good economic policies? The whole point of being a leftist is to be able to believe in bad economic policies.
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