Mexico's President Miguel de la Madrid received assurances from business leaders that they will hold consumer price hikes to a minimum under the "Economic Solidarity Pact" with government and labor, the official daily newspaper El Nacional reported. Agustin Legorreta, president of the Business Coordinating Council, told De La Madrid that "we do not want this pact to break down, it cannot break down." De la Madrid told the business leaders that the pact would cut the government's budget deficit by increasing prices in the state sector and slicing federal spending. He also called the December pact "an unequivocal demonstration of maturity in Mexican society and its ability to respond to serious problems with dialogue and negotiation, not with quarrels."
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