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Weekly Report - 06 February 2014 (WR-14-05)
MEXICO: Peña Nieto presents bold plan to save Michoacán
President Enrique Peña Nieto has announced the biggest and most wide-ranging rescue package ever awarded to a Mexican state. The beleaguered south-western state of Michoacán will receive M$45.4bn (US$3.4bn) as part of a comprehensive plan to drive socio-economic development. In a signal of intent, Peña Nieto travelled to the state capital Morelia in person to present the plan. Flanked by the bulk of his cabinet, Peña Nieto explained that the cash infusion, which almost doubles the annual state budget allocation, constitutes phase two of the operation to reverse Michoacán’s fortunes definitively. It follows some three weeks after phase one: the deployment of a 10,000 strong federal force to pacify the conflict-torn region of Tierra Caliente.
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