61736    It almost makes us suspicious that they are intentionally keeping the word "liberal" without the substance for the sake of getting support as anybody can have his or her own interpretation.

61737    While the party was originally called the "Social Democratic Liberal Party," after it was accused of being "too much like the SDP," it changed its name to "Democratic Liberal Party."

61738    One has to wonder what all this means now that another new word, "civil-liberal" has emerged, and the definition of liberal is becoming less and less within grasp.

61739    The Mexican currency crisis is creating a rippling effect in the exchange market worldwide.

61740    Even the 18-billion-dollar aid program put forward by the US government, international financial institutions and other concerned organizations has failed to cool down the Mexican market, which now in turn is affecting European and Asian markets.

61741    While the US government and the Federal Reserve Board of Governors have promised loan and financing guarantees of 40 forty billion dollars, the Mexican government has announced to offer oil revenues as a security for the loan guarantee; the exchange market finally calmed down last weekend.

61742    The backdrop of this currency crisis in Mexico is the political anxieties in the country as well as the increased trade deficits attributed to the growth of imports.

61743    But the biggest reason is that Mexico's foreign currency reserves have been reduced and foreign debt payments have come up short.

61744    In that sense, the situation is different from Mexico's debt crisis in 1982.

61745    With the monstrous fiscal deficit and mounting inflation, the whole economical structure was in trouble back in those days.

61746    Later on, Mexico's fiscal deficit and inflation improved significantly.

61747    The current crisis is likely to level off as a problem of liquidity, it appears that the aid for Mexico will not have to come from foreign taxpayer's money

61748    International currency and financial markets are becoming increasingly integrated and the flow of money is both heavy and fast.

61749    To keep inflation in check, the Mexican monetary authority developed a foreign exchange policy to maintain the benchmark for the peso to be higher than reality but was met by an aggressive counteroffensive from the market.

61750    However, the problem is that this currency turmoil was not contained to only Mexico, and spread to other regions including other South American countries, then Spain and Italy, and even Asia such as Thailand and Hong Kong.