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1、LatinAmericandebtcrisisTheLatinAmericandebtcrisiswasafinancialcrisisthatoccurredintheearly1980s(andforsomecountriesstartinginthe1970s),oftenknownasthe"lostdecade",whenLatinAmericancountriesreachedapointwheretheirforeigndebtexceededtheirearningpowerandtheywerenotabletorepay
2、it.OriginsInthe1960sand1970smanyLatinAmericancountries,notablyBrazil,Argentina,andMexico,borrowedhugesumsofmoneyfrominternationalcreditorsforindustrialization;especiallyinfrastructureprograms.Thesecountrieshadsoaringeconomiesatthetimesothecreditorswerehappytocontinuetoprov
3、ideloans.Between1975and1982,LatinAmericandebttocommercialbanksincreasedatacumulativeannualrateof20.4percent.ThisheightenedborrowingledLatinAmericatoquadrupleitsexternaldebtfrom$75billionin1975tomorethan$315billionin1983,or50percentoftheregion'sgrossdomesticproduct(GDP).Deb
4、tservice(interestpaymentsandtherepaymentofprincipal)grewevenfaster,reaching$66billionin1982,upfrom$12billionin1975.[1]BeginningofthedebtcrisisandeffectsWhentheworldeconomywentintorecessioninthe1970sand80s,andoilpricesskyrocketed,itcreatedabreakingpointformostcountriesinthe
5、region.Developingcountriesalsofoundthemselvesinadesperateliquiditycrunch.Petroleumexportingcountries–flushwithcashaftertheoilpriceincreasesof1973-74–investedtheirmoneywithinternationalbanks,which'recycled'amajorportionofthecapitalasloanstoLatinAmericangovernments.Asinteres
6、tratesincreasedintheUnitedStatesofAmericaandinEuropein1979,debtpaymentsalsoincreasedmakingitharderforborrowingcountriestopaybacktheirdebts.[2]Whilethedangerousaccumulationofforeigndebtoccurredoveranumberofyears,thedebtcrisisbeganwhentheinternationalcapitalmarketsbecameawar
7、ethatLatinAmericawouldnotbeabletopaybackitsloans.ThisoccurredinAugustof1982whenMexico'sFinanceMinister,JesusSilva-HerzogdeclaredthatMexicowouldnolongerbeabletoserviceitsdebt.[3]InthewakeofMexico'sdefault,mostcommercialbanksreducedsignificantlyorhaltednewlendingtoLatinAmeri
8、ca.AsmuchofLatinAmerica'sloanswereshort-term,acrisisensuedwhentheirrefinancing5.1-9,,serv
