News Summary for October 9th, 2008

++ At a joint press conference Finance Secretary Agustín Carstens and Bank of Mexico governor Guillermo Ortiz Martínez, admitted that international economic volatility will have a negative effect on the country and the population, therefore they called on citizens to have patience and trust that Mexico will be able to weather the world financial crisis.

++ President Felipe Calderón also recognized that the international financial crisis will have an impact on Mexico, however, he said that Mexicans will make it through the crisis because of the strength of the Mexican economy.

Later, in a speech to the nation, Calderón announced that in view of the financial crisis in the United States changes were made to the 2009 Federal Budget proposal… The president said there will be no cutbacks in public spending… He also said that a proposal was made to foster growth and employment in Mexico.

++ Interior Secretary Juan Camilo Mouriño said that the negative effects of the international and financial crisis will not affect law and order in Mexico.

++ International stock markets fell yet again on growing jitters on the part of investors because of the situation of the financial system and fears of a deep world recession.

Not even a decision by the most important world central banks to drop their interest rates to lower the price of money helped to stem stock market plunges.

The Mexican Stock Market dropped by 0.99 per cent. The stock market index closed at 20,678.97 points.

++ Dissident teachers clashed with riot police guarding the Interior Secretariat in Mexico City…. The teachers were protesting against the Alliance for Quality in Education. Eight policemen were injured in the violence. One of the policemen hurt suffered serious injuries.