and didn’t we end up having to bail out their government to the tune of $50 billion not long after that?
"In December 1994, as Mexicans watched their currency's buying power plummet 40 percent, President Ernesto Zedillo stunned world-wide financial markets by devaluing the peso. Zedillo blamed the crisis on his predecessor, Carlos Salinas, who had attempted to get Mexico out from under mounting foreign debt and national poverty by launching reforms that slashed triple-digit inflation, dismantled trade barriers, and opened the Mexican economy to foreign investment.
"Part of Salinas' anti-inflation strategy was to tie the value of the Mexican peso to the U.S. dollar so that the value of the peso would not fall, and investments in Mexico would be safe. Since the beginning of this policy in 1988, investors in the United States and other countries poured $50 billion into Mexico. But with the passing of the North American Free Trade Agreement (NAFTA) in 1994, rising U.S. interest rates lured foreign investors to favor the dollar over the peso. To keep the peso's value on par the Mexican government was forced to use its foreign currency reserves to purchase pesos. Mexico's $30 billion foreign exchange reserves plummeted while the government spent as much as $1 billion a day. By December 19, reserves had dropped below $10 billion, with no end in sight."
http://www.encyclopedia.com/doc/1G2-3406400572.html
Yes, in ‘95 Clinton asked congress for a $50 Billion dollar bailout of Mexico. Congress refused but Clinton sidestepped them and raided the Exchange Stabilization Fund for $25 Billion.