Ernesto Zedillo was elected to a six-year term as President of Mexico in August of 1988. A graduate of Mexico's public school system, Mr. Zedillo had enrolled at age 18 at the Advanced School of Economics of the Instituto Politecnico Nacional, where he received his bachelor's degree in economics in 1972. Mr. Zedillo earned his Master's degree and Ph.D. in economics from Yale University, where he studied the issue of public indebtedness in Mexico and its link to future growth of petroleum exports

In 1978 Mr. Zedillo became involved in economic research and analysis at the Banco de Mexico. While working at the Banco de Mexico, Mr. Zedillo established the Exchange Risk Coverage Trust Fund, the agency that made it possible to restructure the debt of many Mexican companies in the early 1980s. This action assured the companies' financial recovery and preserved the jobs of thousands of Mexican workers.  Mr. Zedillo began working for the Government in 1988, serving in various positions before being elected President.