SHADOW OF RECESION
(Published in El Correo Canadiense) By Sergio Granillo “You never reduce the value of land”, my Accounting teacher told me at the end of a monthly exam in the College, pointing out an error in my test. Unfortunately, 10 years later, my only property in a Southern Mexican State was dramatically affected and its commercial price got reduced to 25% of its original value! Mexicans know what economic crises mean. On 1995, the “Mexican Dream” crumbled to into a night mare after the most controversial former President of Mexico, Carlos Salinas de Gortari finished his government and handed it over to Ernesto Zedillo Ponce de León. Based upon the opening of the Mexican economy to the world, banks transferred from the State to the private sector, many jobs were created, credits were available for anyone to purchase anything from imports to vehicles and properties; getting credit cards and loans was the easiest thing in the world. But everything was a delusion, the whole banking system in Mexico ...