1996-11-14 Local Press - Deficit in 1997

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Deficit in 1997

For the first time in five years, the government's proposed budget for 1997 anticipates a deficit- It is estimated to amount to 15.48 billion pesos, or 0.5% of ODP, which is estimated to be 3-09 trillion pesos (about $470 billion) in 1997- (La Jornada, 10 November).

El Barzon Plans National Protest as Non-Performing Loans Increase

Jose Quirino Salas, the president of the debtors' group El Barzon, announced that on November 19-20 more than 50,000 barzonistas from around the country will gather in Mexico City to demand an end to the federal government's "irresponsible" economic policy planned for 1997, and new programs for restructuring non-performing loans.

Meanwhile, Quirino reported that during September and October the overall portfolio of non-performing loans increased 28 billion pesos, which means it now surpasses 200 billion pesos (around $27 billion) -- which is still less than the 210 billion the government has spent on restructuring and rescue programs. According to El Barzon, during the past two months, close to 200,000 more Mexicans have entered the ranks of those who cannot service their debts. (La Sornada, 11 November).