Mexico's 1994–1995 financial crisis and stock-market turmoil is commonly called the Tequila Crisis.
The crisis began after Mexico devalued the peso in December 1994. Investors feared that the government could not meet obligations linked to short-term dollar-denominated debt, known as tesobonos. Capital fled, the peso lost much of its value, and Mexican financial markets suffered a severe shock.
The United States organized a rescue package involving loans and guarantees, while the International Monetary Fund also provided support. The assistance helped Mexico avoid a disorderly default and stabilize its finances, although the country experienced a deep recession.
The nickname follows a convention in which emerging-market crises receive drink-related labels. It is not the same event as Argentina's 2001 crisis, often called the Tango Crisis, or Brazil's 1998–1999 currency crisis, sometimes associated with the samba label.