In August 1982, Mexico stunned the financial world by announcing that it would not be able to pay back its debt on time. Shortly thereafter, dozens of other

 

In August 1982, Mexico stunned the financial world by announcing that it would not be able to pay back its debt on time. Shortly thereafter, dozens of other countries followed suit. The fact that so many countries were unable to pay their debt at the time indicates that there were external factors at play. What were these factors and why were they so important?

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