Abstract
The debt crisis was triggered exactly 20 years ago when Mexico suspended its payments in 1982. This started off the worst financial crisis since 1931. Other than being a serious problem for developing countries whose Foreign Reserves and foreign investments withered away it also became a threat for the global financial system. The criticality of the crisis made institutional cooperation necessary to limit its consequences. The terrible social impact of the crisis and of its proposed solutions made it a sensitive issue.
