López Portillo Nationalizes Banks

In his final presidential address, José López Portillo announced the nationalization of Mexico's private banking system — a populist response to the debt crisis and capital flight. He wept publicly and blamed 'a group of Mexicans' who 'plundered the country.' The nationalization was partially reversed under de la Madrid (1985) and fully under Salinas (1990). The episode became a symbol of economic mismanagement.