Excélsior's front page today is dedicated to Mexico's declining fiscal health. An article inside says that the OECD is recommending that the government either reduce spending or institute a generalized value-added tax. The OECD's call might provide some political cover for a VAT, but it's still hard to imagine it getting passed before the fiscal situation is falling off a cliff.
And as long as were on bad news, remittances to Mexico fell by 20 percent in May (compared with the same month in 2008), the largest drop on record.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment