Tremors.TREMORS What has proved to be as unpredictable as an earthquake and almost as devastating dev·as·tate tr.v. dev·as·tat·ed, dev·as·tat·ing, dev·as·tates 1. To lay waste; destroy. 2. To overwhelm; confound; stun: was devastated by the rude remark. in financial terms has been the economic crisis and recession triggered by last December's peso devaluation devaluation, decreasing the value of one nation's currency relative to gold or the currencies of other nations. It is usually undertaken as a means of correcting a deficit in the balance of payments. . It has knocked the foundations out of Mexico's property market. During 1995, construction activity slumped by half, many new projects have been put on hold or abandoned and the towering cranes that until last year peppered the Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi skyline have since been dismantled or now stand stark and silent like lightning-struck tree trunks. From the leafy bohemian suburb homes of Coyoacan to the luxury apartment zone of Polanco near the center, and along the main commercial thoroughfares of Insurgentes Sur and Paseo de la Reforma Paseo de la Reforma (a Spanish-language name that roughly translates as "Promenade of the Reform") is a 12 km long grand avenue in Mexico City, Mexico. The name commemorates the liberal reforms of 19th century president Benito Juárez. , "for sale" and "for rent" signs have blossomed. Says Pedro Azcue, director general and senior partner of La Salle Partners, one of the leading property agents in Mexico: "It would be suicidal to put up new buildings right now." |
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