What was the name of the 1994–1995 Mexican financial crisis?

The 1994–1995 Mexican financial crisis is known as the Tequila crisis.

The crisis began after Mexico devalued the peso in December 1994. Investors rapidly withdrew capital, and the government struggled to meet obligations connected to short-term dollar-linked debt. The peso lost much of its value, interest rates rose, and Mexico faced a severe recession and banking crisis.

The United States and international institutions assembled a large support package, including U.S. loans and guarantees. The assistance helped Mexico meet its external obligations and stabilize financial markets. Mexico repaid the U.S. support ahead of schedule.

The name “Tequila crisis” is widely used in English and Spanish-language financial history. It is not the same event as the 1997 Asian crisis, which is also known by a food-related name in Thailand: the Tom Yum Kung crisis. The Mexican episode is also sometimes called the Mexican peso crisis.