El Barzon

El Barzon was a movement of middle class private business and farming interests in Mexico It consisted of long time members and supporters of the ruling Partido Revolucionario Institucional (PRI), who after the peso-devaluation of December 1994 (done by the Zedillo administration but blamed on outgoing President Salinas) were responsible for massive amounts of debts in dollars; which they were expected to pay back with the now nearly valueless peso. Their debts would amount to ten times the loan they had originally taken out, and El Barzon refers to the massive social movement where elements of the traditionally quiet middle class rose up and refused to pay the monstrous sums of money that were expected of them by lending institutions. It was an accepted public venting of frustrations and helped to set up the PRI's demise in the 2000 presidential elections.

 

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