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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. This crisis had long lasting impact over the ...
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.
The early 1980s recession was a severe economic recession that affected much of the world between approximately the start of 1980 and 1982. [2] [1] [3] Long-term effects of the early 1980s recession contributed to the Latin American debt crisis, long-lasting slowdowns in the Caribbean and Sub-Saharan African countries, [3] the US savings and loan crisis, and a general adoption of neoliberal ...
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]
The Mexican peso crisis was a currency crisis sparked by the Mexican government's sudden devaluation of the peso against the U.S. dollar in December 1994, which became one of the first international financial crises ignited by capital flight.
Between 1977 and 1981 PEMEX oil production grew almost twofold from 1.086 million bbd to 2.313 million bbd*, and net exports 5-fold from 0.197 million bbd to 1.154 million bbd*, this led to a 4-year 9.1% average growth in the GDP, and even as inflation crept up higher from a high base above 20% yearly, the massive job creation and rapid wage pace kept the workers mood calm.
This disequilibrium, along with the virtual disappearance of Mexico's international reserves—by the end of 1982 they were insufficient to cover three weeks' imports—forced the government to devalue the peso three times during 1982. Devaluation further fueled inflation and prevented short-term recovery, depressing real wages and increasing ...