Episode 08 - Yeah, Another Crisis

The Peso Devaluation of 1994 and fallout from the Carlos Salinas administration opens the door to the election of the first non-PRI president of Mexico in 70 years. Vicente Fox enters office to great fanfare, yet leaves PEMEX largely untouched, even after the "PEMEXGate" scandal seemed to present him the perfect opportunity to reform it. No one ever talks about the real reasons why Fox failed to reform PEMEX, until now. Suggested reading: Raul Muñoz Leos, "Pemex en la Encrucijada."