Latin American Debt Crisis

3. As ______ rates increased in the United States of America and in Europe in 1979, debt payments also increased, making it harder for borrowing countries to pay back their debts.
6. This occurred in August 1982 when _______ Finance Minister, Jesus Silva-Herzog declared that _______ would no longer be able to serve its debt.
8. The Latin American debt crisis was a ________ crisis that originated in the early 1980s
11. Real GDP ______ rate for the region was only 2.3 percent between 1980 and 1985, but in per capital terms Latin America experienced negative growth of almost 9 percent.
12. In return to the loan, the IMF forced Latin America to make reforms that would favor free-market _______.
14. Latin American ________ from US commercial banks and other creditors increased dramatically during the 1970s
15. When the world economy went into _________ in the 1970s and 80s, and oil prices skyrocketed, it created a breaking point for most countries in the region

1. The period of Latin American debt crisis is often known as “The ____ Decade”
2. The result was a _____ that required a decade of negotiations and multiple attempts at debt rescheduling to resolve, at considerable cost to the citizens of Latin America and other LDC countries.
4. Strong ________ rate depreciations associated with balance-of payments crises was one of the elements behind the crises.
5. Bad management of the external _____ crisis plunged Latin America into its worst crisis in history.
7. The debt crisis began when the international ______ markets became aware that Latin America would not be able to pay back its loans.
9. The main lesson from this is that it is essential that international financial _______ should never be used to support the interests of the creditor countries.
10. The region’s per _______ GDP fell from 112% to 98% of the world average.
13. Latin American countries reached a point where their _______ debt exceeded their earning power and they were not able to repay it.