Aug 10, 2015

Mexico’s economy was supposed to soar. It’s starting to flop.

The Washington Post: Largely lost amid the frantic scramble after drug lord Joaquín “El Chapo” Guzmán’s dramatic prison escape, one of the biggest leaps of faith for the Mexican economy landed with a flop.

At the first auction last month to sell the rights to drill for oil in Mexico — as the country opens its oil industry to foreign investment for the first time in eight decades — the government sold just two of its 14 blocks. The disappointing showing for President Enrique Peña Nieto’s signature economic reform prompted the government last week to modify the terms of the contracts for next month’s auction and added to what has been a noticeable string of bad news for Latin America’s second-largest economy. Read more. 

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