What happened in the 1980s that led Latin American countries to borrow money from wealthy countries such as the US?

In the 1980s, many Latin American countries faced economic challenges, including high inflation, stagnant growth, and political instability. To address these issues, they turned to wealthy nations and international financial institutions for loans, often enticed by lower interest rates and the promise of economic recovery. However, this led to a cycle of debt, as countries struggled to repay their loans amidst worsening economic conditions, ultimately culminating in the Latin American debt crisis.