Currency Market Mechanics Fullscreen Go Back KNOWLEDGE CHECK In 1994, the Mexican peso declined against the U.S. dollar during the so-called "Tequila Crisis." What exacerbating factor did Mexico's "Tequila Crisis" have in common with the Argentine crisis of 2002? Both crises happened in Latin America Both countries used the same currency: the peso Both countries had large dollar- denominated debts. EIVISS Both crises occurred in December a holiday month. Click to open/close chart and news story.