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Mexico Crude oil prices from 1861 to 2011. The Latin American debt crisis (Spanish: Crisis de la deuda latinoamericana; Portuguese: Crise da dívida latino-americana) was a financial crisis that originated in the early 1980s (and for some countries starting in the 1970s), often known as La Década Perdida (The Lost Decade), when Latin American countries reached a point where their foreign debt ...
The Mexican Weekend marked the beginning of the Latin American debt crisis. [citation needed] In August 1982, Mexican Secretary of Finance Jesús Silva Herzog Flores flew to Washington, D.C., to declare Mexico's foreign debt unmanageable, and announce that his country was in danger of defaulting.
The result was a gap of nearly 9% of the GDP in the national budget of 1982, turning Mexico in to default on their interest payments and finally signing up the commitments of the IMF, those financial commitments the government rejected back in 1976 when the fields were discovered.
Mexico suffered from a massive debt crisis in 1982, resulting in the country requesting emergency financing from the IMF. Despite an early period of economic success, a decline in oil prices and an increase in US interest rates caused Mexico to double its debt from 1979 to 1982 causing an excess inflation rate of nearly 60% of its GDP. [6]
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July 4 – 1982 Mexican general election August 12 – Mexico announces it is unable to pay its large foreign debt, triggering a debt crisis that quickly spread throughout Latin America. September 1 – During his last government report, president José López Portillo nationalizes banks.
Default. [23] 1890: Baring crisis [23] 1982: Latin American debt crisis [23] 1988–89: Latin American debt crisis [23] 2001: Following years of instability, the Argentine economic crisis (1999–2002) came to a head, and a new government announced it could not meet its public debt obligations. [23] 2005–16: Argentine debt restructuring. 2014 ...
Mexico's president rebuffed President-elect Donald Trump's call to rename the Gulf of Mexico the "Gulf of America" with a suggestion that the United States ought to be renamed "Mexican America."