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The Mexico meltdown of 1994-95 has been described as the first financial crisis of the 21st century because of the speed with which the repercussions, "the tequila effect", spanned the globe. Based on examination of contemporaneous documents and extensive interviews, this text analyzes why experienced and competent policy makers repeatedly made what turned out to be wrongheaded decisions. The decisions were influenced not only by domestic politics, but also by the cultural formation of the decision makers.