The 1994 Mexican financial crisis following the peso's devaluation was called the Tequila Crisis.
Mexico devalued the peso in December 1994 after pressure on its foreign-exchange reserves. 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 peso's fall made those obligations more difficult to service and triggered capital flight. Mexican stocks and bonds declined, while the shock spread to other emerging markets in what became known as the “Tequila Effect.” The United States and international institutions assembled a large support package to help stabilize Mexico.
The crisis is also called the Mexican peso crisis. “Tequila” refers to Mexico rather than to a particular stock exchange, so the term describes a broad financial and currency crisis, not merely a single trading-day collapse.