The Crisis that Sunk Latin America (La Crisis que Hundió a Latinoamérica)
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The Crisis that Sunk Latin America (La Crisis que Hundió a Latinoamérica)
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Economic crises are nothing new to us, especially in these times of unpredictability and instability, but Latin America took it to a WHOLE new level in the 1970s.
During a particularly wealthy economic period, banks in the US and other rich nations began to lend billions in cash with few conditions (really, all they asked was "pay it later"), with Latin American governments siphoning it all up to modernize their nations and invest in the future... sadly, the prices of raw materials that these countries exported soon fell, and the Federal Reserve decided to raise interest rates.
Soon, leaders of these nations started to tremble, and when banks arrived to demand their money and the first of these countries simply said: "We can't pay", all hell broke loose. Find out how it happened and what happened next in this weeks¡ episode of the Learn Spanish with Stories Podcast!
Transcript of this episode is available at: https://podcast.lingomastery.com/listen/4406