By Eliane Portillo

President Felipe Calderón said on Thursday that due to the strength and stability of the Mexican economy and public finances, Mexico has a sound system that will allow it to continue growing and to be better prepared to face a tough world economic situation.

During the closing of Grupo Santander’s 16th Annual Latin American Conference of CEOs in Cancún, Quintana Roo, Calderón said that the federal government was able to prevent irresponsible indebtedness, which has caused severe problems for Mexico and other Latin American nations in the past. Our public finances are sound. How have we achieved this? Through the discipline and perseverance.  We have aimed at economic stability, because we know it is the key to growth. We have prevented indebtedness, which caused many problems to our nation, as well as Latin America, in the past, Calderón noted.

He said that the European crisis was caused by debts, which became impossible to pay.

Calderón said that in 2010, Mexico’s economy grew by 5.4 percent, and it grew by 4 percent in 2011, which has allowed the federal government to create over 600,000 formal jobs and report an inflation rate below 4 percent.

Calderón recalled that Mexico’s international reserves amount to US$142 billion, and the country has a credit line of US$70 billion with the World Bank.

Calderón urged bankers to work with the federal government in order to favor Mexico and its plurality.

The president later met with 100 women, beneficiaries of the Child Daycare program.