What was the 1994 Mexican financial crisis widely nicknamed?

The 1994 Mexican financial crisis was widely nicknamed the Tequila Crisis.

The crisis began after Mexico devalued the peso in December 1994. Investors had become concerned about Mexico’s foreign-currency liabilities, political instability, and the sustainability of its exchange-rate policy. Capital fled, the peso lost much of its value, and the country faced a severe financial emergency.

The effects spread beyond Mexico as investors reassessed risks in other emerging markets. The United States, the International Monetary Fund, and other institutions assembled a rescue package worth tens of billions of dollars. The nickname is a reference to Mexico’s best-known national drink, not to a stock exchange or a particular company. The episode is also called the Mexican peso crisis or the December Mistake.