José López Portillo

José López Portillo y Pacheco (16 June 1920 – 17 February 2004) was the President of Mexico from 1976 to 1982.

Born in Mexico City, López Portillo studied law at the National Autonomous University of Mexico (UNAM) before beginning his political career with the Institutional Revolutionary Party (PRI) in 1959. He held several positions in the administrations of his two predecessors before being appointed to serve as finance minister under Luis Echeverría from 1973 to 1975.

As president, he oversaw the initial exploitation of newly discovered oil fields in the states of Veracruz and Tabasco. In spite of the massive amounts of foreign exchange these discoveries earned for the state-owned oil company Pemex, López Portillo's administration was accused of rampant corruption, excessive overseas borrowing, hyperinflation, and responsibility for violent devaluations of the peso.

The justness of these charges is still being debated. However, López Portillo undertook actions which were highly controversial with respect to the international banking establishment. One of his last actions as president, announced during his annual State of the Nation address on 1 September 1982, was to order the nationalization of the country's banking system.

López Portillo was the last nationalist president to emerge from the ranks of the PRI. Subsequent presidents have all been U.S.-educated advocates of librecambismo, free trade.

Quotes

¡Defenderé el peso como un perro! (I will defend the peso like a dog!) 1981.

Ya nos saquearon. México no se ha acabado. ¡No nos volverán a saquear! (They [the banks] have already ransacked us. Mexico is not finished. They will not ransack us again!) 1 September 1982.