What nickname was given to Mexico’s 1994–1995 financial crisis after the peso collapsed?

Mexico’s 1994–1995 financial crisis was nicknamed the Tequila Crisis after the peso collapsed.

The crisis began in December 1994, when Mexico devalued the peso after pressure on its fixed exchange-rate regime. Investors rapidly withdrew capital, and the currency lost a large share of its value. The turmoil affected Mexican stocks, bonds, banks, and the wider economy.

Mexico received an international rescue package organized with major support from the United States and the International Monetary Fund. The assistance helped Mexico meet its foreign-currency obligations and stabilize financial markets during the emergency.

The nickname belongs specifically to Mexico’s peso crisis. It is sometimes mixed up with names given to other emerging-market crises, including Brazil’s “Samba effect” and Argentina’s later financial turmoil.