LATEST NEWS : How the International Monetary Conference Helped Fuel the 1980s Debt Crisis

The 1980s debt crisis erupted when Mexico announced in 1982 that it could no longer service its debts to Western, and primarily American, banks. This resulted in a crisis that quickly spread across Latin America, Africa and parts of Asia. The oil price rises of the 1970s had led to a surge in revenues for oil-producing nations, which had invested their surplus oil wealth in Western banks that then lent the money to poor, developing nations requiring oil in order to finance their industrialization.

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