Book contents
- A Great Deal of Ruin
- A Great Deal of Ruin
- Copyright page
- Contents
- Tables
- Preface
- I Introduction
- Part I Financial Crises
- Part II Five Case Studies
- 3 The Great Depression, 1929–1939
- 4 The Latin American Debt Crisis, 1982–1989
- 5 The Asian Crisis, 1997–1999
- 6 The Subprime Crisis in the United States
- 7 The Financial Crisis in Europe
- Part III Lessons
- Abbreviations and Acronyms
- Bibliography
- Index
4 - The Latin American Debt Crisis, 1982–1989
from Part II - Five Case Studies
Published online by Cambridge University Press: 05 August 2019
Book contents
- A Great Deal of Ruin
- A Great Deal of Ruin
- Copyright page
- Contents
- Tables
- Preface
- I Introduction
- Part I Financial Crises
- Part II Five Case Studies
- 3 The Great Depression, 1929–1939
- 4 The Latin American Debt Crisis, 1982–1989
- 5 The Asian Crisis, 1997–1999
- 6 The Subprime Crisis in the United States
- 7 The Financial Crisis in Europe
- Part III Lessons
- Abbreviations and Acronyms
- Bibliography
- Index
Summary
On Thursday, August 12, 1982, Mexico’s Secretary of Finance, Jesús Silva Herzog, sent a letter to the country’s creditors telling them that Mexico did not have adequate foreign currency reserves to make interest payments on its national debt due the following Monday. In anticipation of the reaction in Mexico and abroad, Silva Herzog closed the foreign exchange markets in Mexico and phoned the heads of the (IMF), the Federal Reserve, and the US Treasury Department, before flying to Washington, DC, to negotiate assistance (Boughton, 2001: 289–90). So began the worst financial crisis since the Great Depression.
- Type
- Chapter
- Information
- A Great Deal of RuinFinancial Crises since 1929, pp. 92 - 117Publisher: Cambridge University PressPrint publication year: 2019