José López Portillo

President of Mexico

José Guillermo Abel López Portillo y Pacheco 16 June 1920 Mexico City, Mexico

17 February 2004(2004-02-17) (83) Mexico City, Mexico

1 December 1976 – 30 November 1982

58th president of Mexico For his grandfather, Mexican lawyer, politician and man of letters, see José López Portillo y Rojas. For his father, Mexican historian, see José López Portillo y Weber. In this Spanish name, the first or paternal surname is López Portillo and the second or maternal family name is Pacheco. José Guillermo Abel López Portillo y Pacheco CYC (Spanish pronunciation:  ; 16 June 1920 – 17 February 2004) was a Mexican writer, lawyer and politician affiliated with the Institutional Revolutionary Party (PRI) who served as the 58th President of Mexico from 1976 to 1982. López Portillo was the only official candidate in the 1976 Presidential election, being the only President in recent Mexican history to win an election unopposed. López Portillo was the last of the so-called economic nationalist Mexican presidents. His tenure was marked by heavy investments in the national oil industry after the discovery of new oil reserves, which propelled initial economic growth, but later gave way to a severe debt crisis after the international oil prices fell, leading Mexico to declare a sovereign default in 1982. As a result of the crisis, the last months of his administration were plagued by widespread capital flight, leading López Portillo to nationalize the banks three months before leaving office. His presidency was also marked by widespread government corruption and nepotism. Shortly after leaving office, during the presidency of his successor Miguel de la Madrid, numerous officials who had worked under the López Portillo administration were prosecuted for corruption, the most notorious cases being Arturo Durazo and Jorge Díaz Serrano. Although López Portillo himself was suspected of having been involved in corruption as well, he was never charged with any crimes.