It’s hard to do business without banks.
A slew of reasons. But one stands out, and it’s not the price of oil.
And footloose hot money that has flooded Mexico can quickly dry up.
What have central banks wrought?
A very risky bond deal with a huge yield.
The price of corruption: Unemployment spikes to record.
A very inconvenient connection.
It’s not all NAFTA’s fault, however.
In a world that has become immensely exposed to Mexico’s debt and peso.
Mexico could face its worst fiscal and financial crisis in decades.