Mexico's economy starting to flop
Peso sinks to record lows against US dollar, growth rates shrink, poverty rate increases
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Mexico City
LARGELY lost amid the frantic scramble after drug lord Chapo Guzman's dramatic escape, one of the biggest leaps of faith for the Mexican economy landed with a flop.
At the first auction last month to sell the rights to drill for oil in Mexico - as the country opens its oil industry to foreign investment for the first time in eight decades - the government sold just two of its 14 blocks. The disappointing showing for President Enrique Pena Nieto's signature economic reform prompted the government to modify the terms of the contracts for next month's auction, and added to what has been a noticeable string of bad news for Latin America's second largest economy.
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