He has cut bank on bank loans. Banks aren't making any new loans any more. Everyone is defaulting. You are going to have 60 to 70 to 80 percent default rates on Mexican loan portfolios, credit card portfolios. Credit cards in Mexico carry interest rates of 70 to 80 percent annual interest rate.
Nobody pays it.
We had two warnings of this. One was the collapse in Spain at the end of 1993. Early 1994, Banco Latino in Caracas collapses. The whole Venezualan banking system is now gone. They have had to refund the deposits.