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When the 1973 Oil Crisis hit the developed world, Mexican Presidents Luis Echeverria and Jose Lopez Portillo began to rely heavily on oil exports to support the financial needs of the country, taking advantage of the high oil prices. When the market eventually stabilized, the little diversification of exports resulted in an economic slump and a devaluation of the Peso by 500%. This is often called the Lost Decade or Decada Perdida (1973-1982). Three years later, the Mexico City Earthquake (1985) further deteriorated the Mexican economy, as Mexico City, which agglomerates 20-25% of the country's national income, was heavily hit by such natural disaster.
What else can I help you with?
Which country's capital city was devastated by an earthquake in 1985?
The 1985 earthquake caused significant damage to Mexico City, Mexico.
What caused Michael Jackson to go bankrupt?
Michael Jackson was never bankrupt.
How did Antitrust laws affect big business in the 1920s?
it caused most business to go bankrupt
Was the country bankrupt after Civil war?
Yes the cost of the war caused the country to borrow money .
What caused the spill in the Gulf of Mexico?
What caused the the oil spill in the Gulf of Mexico was an oil well blowout and explosion.
What happened in Mexico City in 1958 that devastated it?
There was an earthquake on July 28, 1958, however it didn't have as much devastation as the Mexico City earthquake of 1985, where an earthquake 10 times greater than Haiti's caused a great loss of life (from 10,000 to 50,000), with some 500 buildings collapsed and 3,000 more with damage beyond repair.
Why Erosion of sediments in the coastline in the gulf of Mexico is Mainly caused by?
erosion of sendiments on the coastline in the Gulf of Mexico is mainly caused by
Who caused the gulf of Mexico?
Golfers
What were Indians devastated by before the first English settlements in New England?
disease epidemics caused by contact with English fishermen
What is another for devastated?
The word is used both actually and metaphorically. Devastated means ruined, destroyed, or wrecked (as occurs in natural disasters and wars). Devastated, emotionally, means overwrought, overwhelmed, shocked, heartbroken, or distraught. The state of grief and/or anxiety can be caused by a number of things including physical loss, death, or a failed relationship.
Which hurricane devastated Saint Lucia in 2010?
Hurricane Tomas devastated Saint Lucia in 2010. It caused widespread damage, flash floods, landslides, and destruction to infrastructure on the island. The storm resulted in several casualties and significant economic losses for the country.
What major events caused Mexico's diversity to change?
france wanted to take over mexico
