What was the nickname of the 1994 Mexican financial crisis?

The 1994 Mexican financial crisis was nicknamed the Tequila Crisis.

The crisis began after Mexico devalued the peso in December 1994, following pressure on the country’s foreign-exchange reserves. Investors rapidly withdrew capital, and the peso lost much of its value against the US dollar.

Mexico had financed significant current-account deficits with short-term foreign investment. Political uncertainty, including the 1994 assassination of presidential candidate Luis Donaldo Colosio, also weakened confidence. The government’s dollar-linked debt instruments made the reserve problem more dangerous.

The United States and international institutions organized a rescue package worth about $50 billion. The episode is commonly called the Tequila Crisis in English-language economic writing. It is distinct from the 1997 Asian financial crisis, which began with Thailand’s currency problems.