International debt and United States participation in the International Monetary Fund quota increase

In August of 1982, the Mexican President put in a personal and confidential call to American officials at the Federal Reserve. The message was clear: Mexico was unable to service the short-term interest burden on its $81 billion debt. The Mexican President, faced with pressure from cabinet member; to negotiate a collective suspension of payments with Brazil and Argentina, was appealing to the United States for help and understanding. Immediately, negotiations opened up between officials of the United States, Mexico and the International Monetary Fund.