Mexican Students Say Peso's Fall Hits Home

Despite the security of academic life in America, Harvard's Mexican students say they are feeling the effects of a weakened peso.

"It's definitely a concern," said Felipe Santos '97.

"My family lives in Mexico City, so they're right in the heart of it. My parents are there, so I'm not immune to the situation," Santos said.

With relatives and friends facing economic difficulties, Mexican-American students say they too are affected.

"In Spanish cultures, the family is very close," said Charles A. Peterson '96, a dual citizen of Mexico and the U.S. "Things are getting pretty tight right now, and it's stressful on family life."

"I have a lot of uncles and aunts," said Alejandro Sepulveda '98, whose mother is a first-generation Mexican-American, and whose father is a native of Mexico.

"It could affect my family if they get into financial trouble. They will definitely look to my father for help. That's just how it's always been; from the time they are children Mexicans are inculcated with the belief that they should be there for their siblings," he added.

Strained by the ongoing political conflict between former President Carlos Salinas and current President Ernesto Zedillo, as well as a largescale loss of investor backing, the ailing peso continues to fall. Yesterday, the peso was worth fifteen American cents.

Several students said their families, burdened by rising costs resulting from the peso's shrinking worth, have had to tighten their belts.

"My parents were planning to come to my graduation," said Bill Candelaria, a third-year student at Harvard Law School.

"But the cost of the flight, and the hotels, and just being in Boston during that week is expensive," he said. "The probability of them coming now is pretty low."

And many Mexican graduate students preparing to enter a shaky job market at home said that the present recession has deeply influenced their future plans.

"It's a lot more troublesome," said Alfonso J. Galindo, a Mexican national who has been studying in the U.S. for five years, and is now pursuing a Master of Law (LLM) at Harvard Law School.

"My expectations of getting a good job and a good wage when I get back have been high for the past four years," Galindo said. "Now, suddenly, I don't know if I can afford to go back to Mexico, because I am in debt [for student loans] in dollars."

"That does not mean I don't feel like I am Mexican; I am committed to going back. But my standard of living would be lower if I went back to the present job market, rather than staying a student," Galindo added.

Even students who intend to remain in the U.S. have had to modify their employment plans.

"I was planning to work in a law firm in New York City," said Candelaria.

"My concern now is that the kind of work I'm going to do will change," he added. "Instead of helping Mexican companies raise capital, I may have to handle bankruptcies and restructuringof debt. It's a little depressing."

Although they are far from home, many said theyare experiencing the tremors of the economicturmoil in Mexico in various ways.

"You're always thinking of when you're goingback," said Carla Sbert-Carlsson, who is an LLMcandidate at the Law School. "I always think ofMexico as my home. I don't feel safer being herebecause I know I'll be back someday.

Although they are far from home, many said theyare experiencing the tremors of the economicturmoil in Mexico in various ways.

"You're always thinking of when you're goingback," said Carla Sbert-Carlsson, who is an LLMcandidate at the Law School. "I always think ofMexico as my home. I don't feel safer being herebecause I know I'll be back someday.