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José Guillermo Abel López Portillo y Pacheco CYC (Spanish pronunciation: [xoˈse ˈlopes poɾˈtiʝo]; 16 June 1920 – 17 February 2004) was a Mexican writer, lawyer and politician affiliated with the Institutional Revolutionary Party (PRI) who served as the 58th President of Mexico from 1976 to 1982. López Portillo was the only official candidate in the 1976 Presidential election, being the only President in recent Mexican history to win an election unopposed.
López Portillo was the last of the so-called economic nationalist Mexican presidents. His tenure was marked by heavy investments in the national oil industry after the discovery of new oil reserves, which propelled initial economic growth, but later gave way to a severe debt crisis after the international oil prices fell, leading Mexico to declare a sovereign default in 1982. As a result of the crisis, the last months of his administration were plagued by widespread capital flight, leading López Portillo to nationalize the banks three months before leaving office. His presidency was also marked by widespread government corruption and nepotism.
Shortly after leaving office, during the presidency of his successor Miguel de la Madrid, numerous officials who had worked under the López Portillo administration were prosecuted for corruption, the most notorious cases being Arturo Durazo and Jorge Díaz Serrano. Although López Portillo himself was suspected of having been involved in corruption as well, he was never charged with any crimes.
referencePosted on 23 Sep 2024, this text provides information on Miscellaneous in International related to International. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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