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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 ...
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 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.
Cut off from additional credit, the government declared an involuntary moratorium on debt payments in August 1982, and the following month it announced the nationalization of Mexico's private banking system. Miguel de la Madrid, President of Mexico 1982–88, who dealt with the financial debacle of the 1980s
It's only natural for some Americans to look at Greece's fiscal woes and say, "Too bad for Greece and Europe, and their citizens." In reality, what Americans should be saying is, "Too bad for us!"
Latin American debt crisis of the 1970s and 1980s; La Década Perdida - the Lost Decade for Mexico; Economic history of Mexico § 1982 crisis and recovery; Great Depression in Latin America - the effects of the Great Depression of the 1930s on Latin America; Venezuelan banking crisis of 1994; 2007–10 recession in South America
Over a century later, the public debt topped $1 trillion for the first time in 1982 under Ronald Reagan and more than doubled during his presidency — and it's been climbing steadily since then.
Ratings agencies gave a cautiously positive assessment on Wednesday of Mexico's $5 billion cash injection into state oil company Pemex, but it did not dispel the risk of another downgrade of its ...