No development better symbolizes the new attitude in Latin America than the attack on bloated public sector enterprises. These protected activities had locked the economies of the region into hopeless inefficiency — grossly distorting public finance, fuelling inflation and destroying international competitiveness. Mexico has now privatized about 70% of its roughly 1,200 state companies. The liberating effect on Mexico’s public finances has been spectacular. It has permitted the government to aim for balanced budget this year which, if achieved, would be the first in Mexico’s modern history. — From a speech by Bank of Nova Scotia Chairman C.E. Ritchie.
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