The Condor Group (Agrupamiento Condores) is the aviation unit of the Mexico City Police which operates a fleet of helicopters in support of police and city government operations.
83-530: The organization founded in 1971 with two helicopters from the Ministry of Security. In 1983, then president, Miguel de la Madrid Hurtado opened a new heliport for the Ministry of Public Security in Mexico City, now the headquarters for the helicopter operations. During 1970 and 1980, three helicopters were donated to this organization and in 1980 it acquired four Eurocopter AS350 Écureuil helicopters. Although
166-519: A central bank of Mexico began as early as the Mexican Empire of Emperor Agustín de Iturbide with his idea of a Gran Banco del Imperio Mexicano (Grand Bank of the Mexican Empire). This idea was never pursued, instead, credit was generally issued by religious orders or trading guilds. In 1827, Mexico defaulted on a loan from British lenders which made it difficult to find foreign capital and it
249-525: A commercial code that gave it control of the banking sector, including the responsibility of chartering banks and establishing minimum levels of capital. The new code also stipulated that all paper money had to be backed by gold or silver on deposit in the national treasury. The next 15 years were turbulent for the banking sector of Mexico. Due to poor management, the Monte de Piedad temporarily closed, reopening without its banking services. The government mismanaged
332-667: A great number of former priístas with them. Under his "Moral Renovation" campaign, his administration attempted to fight corruption at all Government levels, fulfilling Mexico's foreign debt compromises, and creating the Secretaría de la Contraloría General de la Federación (Secretariat of the General Inspectorate of the Federation) to guarantee fiscal discipline and to keep an eye on possible corrupt officials. Nevertheless, his administration still had some corruption scandals of its own,
415-542: A halt. In 1911 Francisco I. Madero took power from Díaz. Madero worked to increase the number of banks in the country but he was not trusted by the United States which worked with one of Madero's generals, Victoriano Huerta , to overthrow him in February 1913. When Huerta took power in 1913, he confiscated all of the metal backed banknotes from private issuing banks then issued unbacked banknotes into circulation, crippling
498-622: A hospital center". However, due to the highly negative reaction of the Catholic church and the conservative sectors, the initiative was finally withdrawn. On 1 May 1984, an anti-government activist named José Antonio Palacios Marquina, along with others, threw Molotov cocktails at the balcony of the Presidential Palace, where De la Madrid was reviewing the May Day parade. Although the President
581-415: A plume of LPG to concentrate at ground level for 10 minutes. The plume eventually grew large enough to drift on the wind towards the west end of the site, where the facility's waste-gas flare pit was located. The explosions devastated the town of San Juan Ixhuatepec, and resulted in 500-600 deaths and 7,000 people with severe injuries. The tragedy sparked a national outrage, and President De la Madrid visited
664-686: A process that continued under his successors, and which immediately caught the attention of the International Monetary Fund (IMF) and other international observers. In January 1986, Mexico entered the General Agreement on Tariffs and Trade (GATT) following its efforts at reforming and decentralizing its economy. The number of state-owned industries went down from approximately 1,155 in 1982 to 412 in 1988. De la Madrid re-privatized companies that had been made state-run under his predecessors. He sought better public-private sector relations, but
747-533: A result of the international drop in oil prices and a crippling external debt on which Mexico had defaulted months before he took office, De la Madrid introduced sweeping neoliberal policies to overcome the crisis, beginning an era of market-oriented presidents in Mexico, along with austerity measures involving deep cuts in public spending. In spite of these reforms, De la Madrid's administration continued to be plagued by negative economic growth and inflation for
830-533: A single bank controlled by the government. But it was not until the end of 1924 that the Ley General de Instituciones de Crédito (General Law of Credit Institutions) was passed which was the legal antecedent for the Banco de México. The law prevented banks from owning stock in other banks and eliminated the stock exemption for banks. Most importantly, the law called for the creation of a central bank. The Banco de México
913-429: A suicide mission had sabotaged the plane in retaliation against the United States. However, sabotage was later dismissed as a cause of the crash, and the investigations carried out by the U.S. National Transportation Safety Board and Mexican aeronautical authorities concluded that the cause of the accident was that the center landing gear tire was filled with compressed air, instead of nitrogen . Galloping inflation,
SECTION 10
#1733106698381996-702: The Bank of Mexico and lectured in law at UNAM before he got a position at the Secretariat of Finance in 1965. Between 1970 and 1972, he was employed by Petróleos Mexicanos , Mexico's state-owned petroleum company, after which he held several other bureaucratic posts in the government of Luis Echeverría . In 1979, he was chosen to serve in José López Portillo 's cabinet as Secretary of Budget and Planning, replacing Ricardo García Sainz . De la Madrid had no political experience as an elected official prior to becoming
1079-746: The Contadora Group was launched by Colombia, Panama, Venezuela and Mexico to promote peace in Latin America and to deal with the armed conflicts in El Salvador, Nicaragua, and Guatemala. On 31 March 1986, the Mexicana Flight 940 crashed in the state of Michoacán , killing everyone on board. Initially, two Middle Eastern terrorist groups claimed responsibility for this crash, along with the bombing of TWA Flight 840 , which occurred just two days later. An anonymous letter signed by those groups claimed that
1162-493: The Estadio Azteca on 31 May, just before the opening match Italy vs Bulgaria , De la Madrid was jeered by a crowd of 100,000 while trying to give a speech, apparently in protest over his administration's poor reaction to the 1985 earthquake. An official who was present at the event recalled that "[The President's] words were completely drowned out by boos and whistles [...] I was dying with embarrassment, but it seemed to be
1245-625: The John F. Kennedy School of Government at Harvard University , in the United States . In 1953, he was introduced to Paloma Cordero by her older brother. The couple began dating in 1955 and married four years later at the Santa Rosa de Lima Church in Cuauhtémoc in 1959. Cordera and de la Madrid had five children - Margarita, Miguel, Enrique Octavio , Federico Luis and Gerardo Antonio. He worked for
1328-425: The 1988 Presidential elections, remains highly controversial. Bank of Mexico The Bank of Mexico ( Spanish : Banco de México ), abbreviated BdeM or Banxico, is Mexico 's central bank , monetary authority and lender of last resort . The Bank of Mexico is autonomous in exercising its functions, and its main objective is to achieve stability in the purchasing power of the national currency. Plans for
1411-709: The Americas Trust and Cruises, in 1994, Word of Life and Indians A Vision of America and the Modernization of Mexico; Files, Sunstone (Peru), Entre Voces, Reading and Designated Fund 2000; Encounters (Peru) History of Mexico, and five periodicals: Galeras Fund, Periolibros, Images, Spaces for Reading and the Fund page. During his administration, the FCE received several awards, among them: in 1992, FILIJ Book Award (CNCA) to children's books, in 1993 Golden Laurel Award (Department of Culture of
1494-560: The City of Madrid) in 1993, honorable mention Juan García Bacca (Peruvian Cultural Association) Award, and Gold Aztec Calendar (Mexican Association of Radio and Television). In 1994 and 1995 Award Book Bank of Venezuela for children's books. The Spanish Council for Latin American Studies, distinguished him for his contributions to the development of reading in the Spanish language, received in 1997
1577-627: The FCE reached a significant presence in Latin America with nine subsidiaries: Argentina , Brazil, Colombia , Chile , Spain , United States , Guatemala , Peru and Venezuela . In publishing field, under his direction, 21 new collections were launched: in 1990, Keys (Argentina) in 1991, A la Orilla del Viento, Mexican Codices, University Science and Special Editions of At the Edge of the wind; in 1992, Breviary of Contemporary Science (Argentina) and New Economic Culture, in 1993 Library Prospective, Mexican Library, Library Cervantes Prize (Spain), and History of
1660-736: The IUS Award by the Faculty of Law of the UNAM , and in 1998 the government of France awarded him the Academic Palms in rank of Commander for his contribution to cultural development. In 1999, Mr. De la Madrid received the medal Picasso Gold (UNESCO), for their work on the diffusion of Latin American culture. De la Madrid made headlines in May 2009 after a controversial interview with journalist Carmen Aristegui . During
1743-678: The Immediate Economic Reorganization Program ( Programa Inmediato de Reordenación Económica ) and, a couple of months later, the National Development Plan ( Plan Nacional de Desarrollo ). Some of the measures proposed were a reduction of public spending, fiscal reforms, a restructuring of the bureaucracy, and employment protection. During his presidency, De la Madrid introduced neoliberal economic reforms that encouraged foreign investment, widespread privatization of state-run industries, and reduction of tariffs,
SECTION 20
#17331066983811826-628: The Mexican economy from weaknesses exposed by the US financial crisis of 1907 . These reforms prevented emissions banks from opening new branches and required them to convert themselves into auxiliary or mortgage banks. These changes had limited success, and though Limantour predicted a budget surplus for 1911, the collapse of the Porfirian regime and the intensification of the Revolution ground normal banking activity to
1909-591: The Mexican government and he was abducted in February 1985, tortured and killed; his body was found a month later. The U.S. responded by sending a special unit of the DEA to coordinate the investigation in Mexico. In the investigation, Mexican government officials were implicated, including Manuel Ibarra Herrera, past director of Mexican Federal Judicial Police, and Miguel Aldana Ibarra , the former director of Interpol in Mexico. Drug trafficking as an issue has continued in Mexico in succeeding presidential administrations. In 1983,
1992-513: The Mexican police were often corrupted by bribes from drug traffickers. Violence between traffickers and the police increased in this period. A major incident in the drug war and in U.S.-Mexican relations was the kidnap, torture, and murder of DEA agent Enrique "Kiki" Camarena in 1985. In 1984, the Mexican government had staged a raid on a suspected site of drug trafficking in Chihuahua state. Traffickers suspected Camarena of providing information to
2075-510: The PAN. Most importantly, the local PRI stated that the electoral defeat was a "tragic disaster" that should never be repeated. The 1986 gubernatorial elections in that same state [es] were marked by accusations of Electoral fraud . Although the PRI candidate, Fernando Baeza , was officially pronounced winner, the PAN candidate Francisco Barrio Terrazas , who officially ended in second place with 35.16% of
2158-504: The PRI should put an end to the practice of the President choosing his own successor, and proposed that the PRI Presidential candidate should be democratically chosen by all of the PRI members through a convention . They also claimed that President De la Madrid had gone too far with his austerity and free-market reforms, and that his protégée Salinas represented a continuation of such policies. After many public discussions and proposals,
2241-546: The PRI the following year and created the National Democratic Front ( Frente Democrático Nacional ), a loose alliance of left-wing parties. As the U.S. consumption of illegal substances grew in the 1960s and 1970s, the U.S. became interested in strengthening enforcement of drug trafficking in Mexico. In the 1980s U.S. Presidents Ronald Reagan and George H. W. Bush expanded the so-called "war on drugs" to stop drugs at ports of entry from Mexico. More importantly,
2324-759: The PRI, Cuauhtémoc Cárdenas was nominated presidential candidate by the Frente Democrático Nacional, a coalition of leftist parties. Cárdenas attained massive popularity as result of his efforts at democratizing the PRI, his successful tenure as Governor of Michoacán , his opposition to the austerity reforms and his association with his father's nationalist policies. On the other hand, the right-wing opposition party PAN nominated Manuel Clouthier as their presidential candidate. A businessman-turned-politician, Clouthier became popular, specially in Northern Mexico, for his populist rhetoric and his dennouncement of
2407-416: The U.S. Drug Enforcement Administration (DEA) began operating in Mexico without the consent of Mexican authorities. "In 1987, De la Madrid declared drug trafficking a national security problem and completely reorganized Mexican antidrug policy" and more government financial and personnel resources were devoted to the policy. Arrests in 1987 for drug trafficking reached 17,000. Front-line enforcement agents of
2490-451: The U.S. began asserting extraterritorial jurisdiction over drug trafficking in Mexican national territory. The crackdown on drug trafficking resulted in higher prices for drugs, since there was more risk involved, but trafficking in this era boomed. Drug trafficking organizations in Mexico grew in size and strength. As the U.S. asserted jurisdiction over trafficking in Mexico, Mexico could no longer pursue an autonomous drug policy. Agents of
2573-464: The affected area on 20 November. He instructed the creation of a commission to help the survivors and to rebuild the destroyed homes. On 22 December, the Procuraduría General de Justicia found the state-run oil company Pemex to be responsible for the incident, and was ordered to pay indemnification to the victims. Due to the tragedy apparently having been caused by corruption and incompetence at
Condor Group - Misplaced Pages Continue
2656-474: The bank was to stimulate the manufacturing and textile industries. Its success was confined mainly to the latter, but due to ongoing political and military crises the bank was eventually closed in 1842 by President Antonio López de Santa Anna . The Mexican government had decreed the establishment of a national bank in 1837, which similarly had to close in December, 1841. The first major private bank in Mexico
2739-420: The candidate for the PRI. In the assessment of political scientist Jorge G. Castañeda , López Portillo designated De la Madrid as a candidate by elimination, not by choice, and that De la Madrid remained in contention as a candidate because he was never the bearer of bad news to the president. Other contenders were Javier García Paniagua and David Ibarra Muñoz . When his candidacy was revealed, his "candidacy
2822-403: The controversial privatization program and austerity measures imposed by his administration caused the ruling party to lose ground, leading up to the controversial elections of 1988 . In the assessment of political scientist Roderic Ai Camp , "It would be fair to say that the election of Carlos Salinas de Gortari in 1988 marked the low point of that office as well as the declining legitimacy of
2905-446: The days after the earthquake that the military assisted factory owners in retrieving their machinery rather than in removing the bodies of dead factory workers. President de la Madrid was also criticized for refusing to cut foreign debt payments to use the money to help with the recovery effort (at the time, his administration destined around 30% of the federal budget towards the payments of the foreign debt). The government's response to
2988-464: The destruction extended to other parts of the country. The federal government's first public response was President de la Madrid's declaration of a period of mourning for three days starting from 20 September 1985. De la Madrid initially refused to send the military to assist on the rescue efforts, and it was later deployed to patrol streets only to prevent looting after a curfew was imposed. The earthquake created many political difficulties for
3071-443: The earthquake was widely criticized at various levels of Mexican society, being seen as both authoritarian and incompetent. As most of the collapsed buildings were of recent construction and public works projects, the government was seen at fault due to mismanagement and corruption in these constructions. The government itself realized that it could not handle the crisis alone through already-established institutions and decided to open
3154-437: The election, for the first time in many years, voting overwhelmingly for De la Madrid. De la Madrid inherited the financial catastrophe from his predecessor; Mexico experienced per capita negative growth for his entire term. De la Madrid's handling of the devastating 1985 Mexico City earthquake was his own major misstep. The end of his administration was even worse, with his choice of Carlos Salinas de Gortari as his successor,
3237-576: The emission of a new non-silver coin and was forced to hastily recall it. Both of these events caused the public to lose confidence in the banks and paper money. In 1897, during the presidency of Porfirio Díaz , Finance Minister José Yves Limantour helped to guide the passing of the Ley de Instituciones de Crédito (Law of Credit Institutions). The new law grouped banks into three categories: issuing banks, mortgage loan banks, and auxiliary development banks. Issuing banks were allowed to circulate banknotes within
3320-738: The existing facilities were remodeled subsidiaries. The presence of the Economic Culture Fund acquired a larger projection in the Americas: on 7 September 1990, the subsidiary in San Diego, California , was founded. On 21 June 1991 Seller Azteca opened its doors in São Paulo , Brazil . In 1994 FCE facilities were inaugurated in Venezuela, and in 1998, another subsidiary was established in Guatemala. This Thus,
3403-408: The financing of development with excessive overseas borrowing, which was often countered by high internal capital flights. De la Madrid himself had been Minister of Budget and Programming under López Portillo, and as such he was perceived by many as being co-responsible for the crisis that he himself had to deal with upon taking office. As an immediate reaction to the economic crisis, he first presented
Condor Group - Misplaced Pages Continue
3486-595: The first of the so-called Technocrats to become president. On the other hand, those reforms and his unwillingness to allow a primary election to choose the PRI candidate for the 1988 Presidential elections are credited as the factors which led to the split of the party in 1987, with Cuauhtémoc Cárdenas and Porfirio Muñoz Ledo founding the Party of the Democratic Revolution (PRD by its initials in Spanish) in 1989, taking
3569-555: The fleet has been renewed with five helicopters Bell: Miguel de la Madrid Hurtado Miguel de la Madrid Hurtado ( Spanish pronunciation: [miˈɣel de la maˈðɾið uɾˈtaðo] ; 12 January 1935 – 1 April 2012) was a Mexican politician affiliated with the Institutional Revolutionary Party (PRI) who served as the 59th president of Mexico from 1982 to 1988. Inheriting a severe economic and financial crisis from his predecessor José López Portillo as
3652-520: The government corruption that had become widespread under previous administrations, leading to the arrests of top officials of the López Portillo administration. In addition, his administration was criticized for its slow response to the 1985 Mexico City earthquake , and the handling of the controversial 1988 elections in which the PRI candidate Carlos Salinas de Gortari was declared winner, amid accusations of electoral fraud . Miguel de la Madrid
3735-399: The immediate aftermath of the tragedy. President De la Madrid's biggest legacy may have been his implementation of economic neoliberal reforms in Mexico, breaking with decades of economic nationalism , and beginning mass privatization of state-run companies, a process which would be further deepened during the administration of his successor, Carlos Salinas de Gortari . De la Madrid was also
3818-402: The interview had been broadcast, a group of PRI leaders, including Emilio Gamboa Patrón , Ramón Aguirre, Francisco Rojas, and De la Madrid's sons Enrique and Federico, arrived at De la Madrid's home and reportedly asked him to retract his statements, arguing that they could damage the party. As a result, on the same day De la Madrid issued a statement retracting the comments he had made during
3901-482: The interview with Aristegui, claiming that due to his advanced age and his poor health, he was not able to "correctly process" the questions. De la Madrid died on 1 April 2012, at 7:30 am in a Mexican hospital, following a lengthy hospitalization due to complications from chronic obstructive pulmonary disease , which led to acute kidney injury and cardiac arrest . Unlike his predecessors (specially Luis Echeverría and José López Portillo ), President De la Madrid
3984-615: The interview, he said that his choice of Carlos Salinas de Gortari to succeed him in the Presidency had been a mistake and that he felt "very disappointed" in his successor, lamenting the widespread corruption of the Salinas administration. De la Madrid then directly accused Salinas of having stolen the money of the Presidential slush fund , and also accused his brother Raúl Salinas de Gortari of having ties to drug lords. Only two hours after
4067-418: The leadership of the PRI stood by President De la Madrid and confirmed Salinas as the party's presidential candidate, while expelling Cárdenas and Muñoz Ledo from the PRI, along with their followers. For the first time since the PRI took power in 1929, the elections featured two strong opposition candidates with enough popularity to beat the PRI candidate. On one hand, after he and Muñoz Ledo were expelled from
4150-425: The local Town halls in response to alleged electoral frauds. In response to these controversies, an electoral reform was conducted in 1986: Since his campaign for the presidency, De la Madrid had mentioned the importance of discussing the topic of abortion, given the high national demographic growth and the scarce resources that the country had to deal with the necessities of an ever-growing population, specially in
4233-591: The middle of the economic crisis. Upon becoming President, De la Madrid and the Attorney General Sergio García Ramírez attempted to reform the Penal Code of the Federal District to decriminalize abortion during the first trimester of pregnancy "due to failure of the contraceptive methods, fetal alterations and pregnancies due to rape, with previous medical authorization and carried out at
SECTION 50
#17331066983814316-534: The midst of the Christero War , the bank exceeded the legal limit of how much it could loan to the government. The unease of the private banking institution was assuaged somewhat when the initial offices of Banco de México were temporarily located in the headquarters of the Banco de Londres y Mexico . The banking interests cemented their relationship with the government by issuing loans to government officials, ensuring that
4399-523: The most affected by the government's policies, specially the nationalization of the Bank decreed in the last months of former President López Portillo's administration. Rather than accepting that the unpopularity and corruption of the PRI in Chihuahua had led to such a defeat, the local PRI bosses claimed that the Catholic Church, the local businessmen and even "foreign influences" had persuaded voters to support
4482-604: The most notorious being the murder of journalist Manuel Buendía in 1984 by agents of the Federal Security Directorate (Buendía had been investigating possible ties between Drug cartels, the CIA and the FSD itself). De la Madrid shut down the FSD in 1985, although in its place similar Intelligence agencies would be created in subsequent years. Finally, his administration's handling of the 1986 elections in Chihuahua and, specially,
4565-438: The national banking system. When Huerta was forced from office, the number of banknotes issued multiplied and the population began to lose faith in paper money. As warlords ravaged the country vying for control, they forced banks to make exorbitant loans or they looted them. In 1916 Venustiano Carranza declared that all banks must fully back their banknotes with metal. The 1897 law said that private banks only had to back 33% of
4648-546: The next decade, including the Banco Nacional Mexicano (Mexican National Bank) in 1882, opened by the administration of President Manuel González . In 1884, the Banco Nacional Mexicano soon merged with Banco Mercantil Mexicano (Mexican Mercantile Bank) to form the Banco Nacional de México (National Bank of Mexico) which issued notes and was the primary lender to the government. The same year government issued
4731-573: The official results and claimed that a massive electoral fraud had been orchestrated by the government. Nevertheless, Salinas was confirmed by the Chamber of Deputies , controlled by the PRI, as the winner. After completing his term, he became the director of the Fondo de Cultura Económica (FCE) in 1990. He implanted modernization programs in production and administration. It incorporated the most advanced techniques in book publishing and graphic arts and maintained
4814-464: The openness and plurality features in the publication policy of the company. On 4 September 1992, he inaugurated the new facilities, on 227 Picacho-Ajusco Road. Surrounded by garden and offices, it hosts cultural unity Jesús Silva Herzog , the Gonzalo Robles Library, which houses the growing publishing history of the Fund, and the seller Alfonso Reyes . On the international scene in 1990,
4897-470: The option not to partner with Banco de México. The main goals of the Bank at that time were to unify the fractured banking system left behind by the Revolution, create a flexible financial system that could modernize the country, reestablish credit, and renew trust in paper money. The bank's first years were difficult. Initially only two private banks affiliated themselves with Banco de México, and by 1927, in
4980-439: The political establishment and the media. On Election Day 1988, the computer system used to count the votes shut down, as Cárdenas held an initial lead. That event is remembered by the phrase se cayó el sistema ("the system crashed"). When the system was restored, Carlos Salinas was declared the winner. The expression "se cayó el sistema" became a euphemism for electoral fraud. All the opposition candidates refused to recognize
5063-420: The politicians had a vested interest in the stability of the system. In 1932, laws were passed that required all private banks to invest their capital in Mexico and associate themselves with Banco de México. The laws also required that Banco de México cease operating as a commercial bank. After passage of this legislation, only three foreign banks remained in the country. These changes and a looser restriction on
SECTION 60
#17331066983815146-526: The potential for their electoral success, however, his attitude later seemed to be hostile to the advance of opposition parties, instead allowing the PRI to maintain near-absolute power of the country (at the time, the PRI still governed all of the Mexican states plus the Federal District, in addition to holding 299 of the 400 seats in the Chamber of Deputies and 63 of the 64 seats in the Senate ). However, it
5229-399: The private sector began backing opposition candidates nonetheless. Given the dire economic circumstances he inherited from his predecessor, he pursued policies of economic austerity, rather than deficit spending. President De la Madrid initially stated that further democratization of the country was necessary, and the political system opened up to greater competition. As other parties showed
5312-456: The process up to "opposition groups". During his administration, Mexico hosted the 1986 FIFA World Cup . There were some protests against the tournament, as Mexico was going through an economic crisis at the time and the country was still recovering from the 1985 earthquake, therefore the World Cup was considered by many as a lavish and unnecessary expense. During the World Cup's inauguration at
5395-401: The rest of his term, while the social effects of the austerity measures were particularly harsh on the lower and middle classes, with real wages falling to half of what they were in 1978 and with a sharp rise in unemployment and in the informal economy by the end of his term. De la Madrid's administration was also famous for his "Moral Renovation" campaign, whose purported goal was to fight
5478-625: The right metaphor for the mood of the country." In October 1986, a group of politicians from the Institutional Revolutionary Party (PRI) led by Cuauhtémoc Cárdenas , Porfirio Muñoz Ledo and Ifigenia Martínez , announced the creation of the Democratic Current ( Corriente Democrática ) within the PRI. The Democratic Current demanded the establishment of clear rules for the selection of the party's presidential candidate. When they failed, Cárdenas, Muñoz Ledo and Martínez left
5561-539: The split in the PRI with the exit of Cuauhtémoc Cárdenas , and the government's handling of balloting with election results deemed fraudulent. His administration did have some bright spots, with Mexico's becoming a member of the General Agreement on Tariffs and Trade (GATT) in 1985. Mexico also was part of the Contadora process to find a solution of the conflicts in Central America. Unlike previous Mexican leaders, he
5644-659: The state they were issued, but only the Banco Nacional de México and the Banco de Londres y Mexico notes were allowed to circulate nationally. They were also authorized to make short-term loans. Mortgage banks were authorized to make loans collateralized by real estate for periods up to 40 years. The auxiliary development banks were authorized to make loans for periods up to two years for the purpose of financing industrial endeavors such as mining, manufacturing, and agriculture. Nationwide, there were 24 banks with issuing authority, two mortgage banks, and five auxiliary development banks. In 1908, Limantour issued new reforms to protect
5727-496: The state-run company, the public further resented the Government and public institutions. In the morning of 19 September 1985, an 8.0 magnitude earthquake devastated Mexico City and caused the deaths of at least 5,000 people. De La Madrid's mishandling of the disaster damaged his popularity because of his initial refusal of international aid. It placed Mexico's delicate path to economic recovery in an even more precarious situation, as
5810-525: The state." In 1987, an internal conflict led to a division in the PRI, as President De la Madrid, like previous PRIísta Presidents had traditionally done, handpicked his successor for the Presidency and appointed the Secretary of Budget and Programming, Carlos Salinas de Gortari , as the PRI candidate for the 1988 elections. A group of left-wing PRI politicians, led by Cuauhtémoc Cárdenas (the son of former President Lázaro Cárdenas ) and Porfirio Muñoz Ledo , protested Salinas' appointment as they demanded that
5893-415: The then-ruling Partido Revolucionario Institucional (PRI) or Institutional Revolutionary Party . The crisis was severe enough to have tested the capabilities of wealthier countries, but the government from local PRI bosses to President de la Madrid himself exacerbated the problem aside from the lack of money. The Ministry of Foreign Affairs declared it would not request aid. It was also widely reported in
5976-529: The unit serves 23,564 missions a year, statistics from the organization show that only 42.63% are security work, support for 1.58% of units, aerial medical evacuations 4.15% and 51.61% road patrols Condor Group consists of 38 mechanics, four doctors (3 general practitioners [Dr. Miguel Angel Colin, Dr. Arcadio Ramirez, Dr. Emmanuel Urquieta] and a doctor specializing in trauma and orthopedics, Dr Juan Carlos Lara. 13 operators aeromedical technicians, 17 pilots and 6 students in training as TUM ITFP. In January 2015,
6059-490: The value of their issued notes, consequently all of the private banks were dissolved and their assets seized. That same year Carranza issued his own "unforgeable" notes in May though these lost all value by July of the same year. The banks seized by Carranza weren't returned to their owners until the administration of Álvaro Obregón in 1921. The current constitution of Mexico was signed in 1917. Article 28 of that constitution stipulated that all paper money would be issued by
6142-486: The vote (at the time, the biggest percentage of votes that an opposition candidate had earned in Chihuahua) did not recognize the results, and the PAN promoted acts of civil disobedience to resist the alleged fraud. Many other local elections were marked by accusations of fraud in those years, sometimes ending with violent clashes. In some small municipalities of Veracruz and Oaxaca , the local population even seized or burned
6225-420: Was a market-oriented president. Inflation increased on an average of 100% a year and reached to an unprecedented level of 159% in 1987. The underemployment rate soared to 25% during the mid-1980s, income declined, and economic growth was erratic since prices rose usually much faster than incomes. All that was a stark reminder of the gross mismanagement and policies of his two immediate predecessors, particularly
6308-573: Was born in the city of Colima , Colima , Mexico. He was the son of Miguel de la Madrid Castro, a notable lawyer (who was assassinated when his son was only two), and Alicia Hurtado Oldenbourg. His grandfather was Enrique Octavio de la Madrid, the governor of Colima. He graduated with a bachelor's degree in law from the National Autonomous University of Mexico (UNAM) and received a master's degree in Public Administration from
6391-404: Was created on August 25, 1925, under the direction of Minister of Finance Alberto J. Pani with an official ceremony given on September 1, 1925. It was given exclusive authority to mint coins and print banknotes , a sharp departure from policies of the past. The bank was also given responsibility over exchange rates , interest rates , and monetary regulation. Initially, retail banks even had
6474-456: Was during his administration that the opposition National Action Party (also known as "PAN" for its initials in Spanish) started to become popular with the masses, especially in Northern Mexico . In 1983, during the municipal elections in the northern state of Chihuahua , the PAN won the state's nine biggest Municipalities, which held 70% of its population. The border state had been one of
6557-533: Was forced to rely on local lenders as it had no national bank to lend to it. Instead the government was forced to rely on domestic lenders known as agiotistas (speculators) who specialized in short-term, high-interest loans. The first formal bank organized by the government was the Banco de Avío which was formed in 1830 during the presidency of Anastasio Bustamante under the direction of the Minister of Interior and Foreign Affairs, Lucas Alamán . The primary purpose of
6640-411: Was greeted with unusual hostility from some sectors of the political establishment--an indication of the emerging rift between the old políticos and emerging technocrats." De la Madrid did not run against a strong opposition candidate. His campaign rhetoric emphasized traditional liberal values of representation, federalism, strengthening of the legislature and the judiciary. There was massive turnout in
6723-419: Was noted for making relatively few speeches and keeping a more reserved and moderate public image. Although that has been attributed to a strategy to break with his predecessors' populist legacies, President De la Madrid's public image was considered "gray" by critics. This perception worsened with his government's slow response to the 1985 Earthquake, when President De la Madrid also rejected International aid in
6806-497: Was opened under the period of the Second Mexican Empire in 1864 when the Banco de Londres, México y Sud America (Bank of London, Mexico and South America) opened in Mexico City. In the 1870s, the Banco de Santa Eulalia opened in Chihuahua and the Monte de Piedad , which had functioned as a pawnshop since 1775, expanded its services into banking. Both banks issued their own bank notes and many more banks followed suit in
6889-494: Was unharmed, the incident left many officials and guests injured, including the then-director of the ISSTE , Alejandro Carrillo. On 19 November 1984, a massive series of explosions occurred at a liquid petroleum gas (LPG) tank farm in the town of San Juan Ixhuatepec (outside of Mexico City , Mexico ). The disaster was initiated by a gas leak on the site, likely caused by a pipe rupture during transfer operations, which caused
#380619