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| 1976–80 |
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| López Portillo gradually increased Mexican oil production to over 2 million barrels per day. Due to rising oil prices, the net result was a twelvefold increase in earnings from $500 million in 1976 to $6 billion in 1980. This led to grandiose public spending programs, but the capital-intensive oil sector created few jobs for the 800,000 people who entered the Mexican workforce each year. | 1 |
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| 1980, March |
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| With unemployment and underemployment in Mexico growing rapidly, the government introduced the Mexican Food System (SAM). SAM called for intensive growth in the agricultural sector and was funded by a $325 million loan from the World Bank. | 2 |
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| 1981 |
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| Due to a world oil glut, PEMEX was forced to lower the price for Mexican oil, creating enormous fiscal problems for the government. Mexico's foreign public debt had risen to $57 billion. | 3 |
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| 1982, Feb |
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| With foreign exchange reserves running out, López Portillo allowed the peso to drop by 60 percent vis-à-vis the U.S. dollar. | 4 |
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| July 6 |
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| The economist Miguel de la Madrid, candidate of the PRI, was elected president. Because of massive opposition to de la Madrid in some areas, several local opposition candidates were “permitted” to win elections. | 5 |
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| Sept |
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| With the peso and oil prices falling, inflation rising, and Mexicans racing to take their money out of the country, López Portillo announced the nationalization of 59 Mexican banks. Foreign creditors then rushed to negotiate a debt agreement with the Mexican government to cover their loans, which totaled over $80 billion. The “rescue” loan package that Mexico received from the IMF included an austerity program to reduce public spending. | 6 |
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| Dec. 1 |
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| Pres. de la Madrid took office, challenged to address the extensive corruption perpetrated by the outgoing administration. | 7 |
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