President Defends Bank Bailout Plan

President Ernesto Zedillo assured a nervous country in his state of the nation address that his government is taking steps to control economic turmoil. Zedillo defended the government’s bank bailout proposal, which has become Mexico’s hottest political issue. And he criticized the “cynical displays of impunity” by unscrupulous financiers accused of looting the nation’s banking system, which has accumulated as much as $56 billion in bad debt. He called on Mexicans to combat the nation’s problems through cooperation and democracy. “We Mexicans have fought for democracy because this is the system that allows us to confront challenges,” he said.