José Guillermo Abel López Portillo y Pacheco (Spanish pronunciation: [xoˈse ˈlopes poɾˈtiʝo]; 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.
Politically, the López Portillo administration began a process of partial political openness by passing an electoral reform in 1977 [es] which loosened the requisites for the registration of political parties (thus providing dissidents from the left, many of whom had hitherto been engaged in armed conflict against the government, with a path to legally participate in national politics) and allowed for greater representation of opposition parties in the Chamber of Deputies, as well as granting amnesty to many of the guerrilla fighters from the Dirty War. On the economic front, 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 in the summer of 1981, 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, and by the end of his term Mexico had the highest external debt in the world. His presidency was also marked by widespread government corruption and nepotism.
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