Which 1994 Mexican financial crisis followed the sudden devaluation of the peso?

The 1994 Mexican financial crisis that followed the peso devaluation was called the Tequila Crisis.

Mexico devalued the peso in December 1994 after pressure on its currency and foreign-exchange reserves. The devaluation damaged confidence, encouraged capital flight, and contributed to a severe financial and economic crisis.

The crisis affected banks, businesses, and households in Mexico, while financial markets in other emerging economies also came under pressure. The United States and international institutions helped assemble a rescue package to stabilize Mexico.

The name is a popular informal label, not the official title of a single government program. It is also called the Mexican peso crisis or the December Mistake. The crisis should not be confused with the later Asian financial crisis, which began in 1997.