The 1994 Mexican financial crisis is commonly known as the Tequila crisis.
Mexico devalued the peso in December 1994 after pressure on its foreign-exchange reserves and fixed exchange-rate policy. Investors rapidly withdrew capital, and the peso lost much of its value. The resulting financial shock spread to other emerging markets, especially in Latin America, through changing investor risk perceptions.
The nickname refers to tequila as a Mexican national drink, not to a stock index or a company. The crisis was also called the December Mistake in Mexico. An international assistance package involving the United States and the International Monetary Fund helped stabilize the country, while the event became an important example of how currency and debt pressures can trigger broader market turmoil.