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What external debt issue faced Mexico right before de la Madrid took office?

  • Increased rates

  • Loan forgiveness

  • Default

  • Devaluation

Answer

Default was the external debt issue that Mexico confronted just before de la Madrid assumed office. This situation arose as a result of excessive borrowing and irresponsible financial practices during the preceding administration. The nation was unable to satisfy its debt commitments, leading to a severe financial crisis and threatening the country's economic stability.
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