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In 1982 Mexico was on the brink of bankruptcy, an event that threatened the entire international financial system. Mexico needed U.S. financial assistance to avoid defaulting on its $80 billion ext...
In 1982 Mexico was on the brink of bankruptcy, an event that threatened the entire international financial system. Mexico needed U.S. financial assistance to avoid defaulting on its $80 billion external debt. This case study traces the origins of the crisis from both countries’ perspectives. It presents the solution, which unfolded through inter- and intragovernmental negotiations over a 48-hour period, and explains how institutional actors can respond to unexpected international financial crises.