Which Mexican currency crisis triggered a major stock-market collapse beginning in December 1994?

The Mexican peso crisis triggered a major stock-market collapse beginning in December 1994.

Mexico devalued the peso in December 1994 after pressure on its foreign-exchange reserves and a widening current-account deficit. The devaluation damaged confidence in Mexican assets, encouraged further capital flight, and contributed to a severe financial and economic crisis. The episode is also known as the Tequila Crisis, but “Mexican peso crisis” is the standard name for the event.

The crisis affected Mexico’s stock market, currency, banks, and government debt. International support, including a large U.S.-backed assistance package, helped Mexico meet its obligations and stabilize the peso. The shock also spread to other emerging markets through investor reassessment of risk.

It should not be confused with the Asian financial crisis of 1997, which began in Thailand and spread across East and Southeast Asia. The phrase “Tequila crisis” is an accepted nickname, but it is not the canonical answer requested here.