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February 10, 1995| Times Staff and Wire Reports

Treasury, Fed Back Clinton Decision on Mexico: The dire financial emergency in Mexico left President Clinton no choice but to bypass Congress and offer that nation a $20-billion U.S. rescue package, Administration and Federal Reserve Board officials said. "The President made a judgment that was courageous," Treasury Secretary Robert E. Rubin told the House Banking Committee. Fed Chairman Alan Greenspan, who has been a high-profile supporter of the Administration's efforts, concurred that Mexico's situation was dire. But a number of other committee members raised objections.

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