What was the 1994 Mexican financial crisis commonly called after the peso was devalued?

The 1994 Mexican financial crisis commonly called after the peso was devalued was the Tequila Crisis.

Mexico devalued the peso in December 1994 after pressure on its foreign-exchange reserves became severe. Investors had become concerned about Mexico’s current-account deficit, political instability, and the large amount of short-term dollar-linked debt known as tesobonos.

The devaluation triggered rapid capital flight and a sharp financial shock. Mexican banks and businesses with foreign-currency obligations faced increased repayment costs, while confidence in emerging-market assets weakened internationally.

The United States and the International Monetary Fund assembled a large rescue package. The crisis was called the Tequila Crisis in English-language financial reporting, using “tequila” as a cultural reference to Mexico. It should not be confused with the later Asian financial crisis, which began in Thailand in 1997.