1980-1984: overall growth in L.A. dropped 9%
1980’s: most L.A. countries refinanced debt
Higher interest in the 1980’s caused the debt to increase 9% per year
The World Bank, the IMF, and the US attempted to resolve the debt issues of L.A. but were unsuccessful in finding a long term solution.
One benefit that grew from the economic crisis was the recognition that the old system of gov’t based on military rule and inward looking nationalism was a failure.
The debt crisis forced one military junta after another out of office after failing to solve the crisis.