Abstract
This paper offers a historical account and a detailed analysis of the incubation, development and outcome of the Latin American debt crisis of the 1980s. The second part provides a historical perspective based on legal precedents and international law, as well as an account of various historical cases of non-compliance and repudiation of international financial obligations. Further on, the elements of the international financial system and the behavior and structure of international commercial banks that explain the trend towards the external debt crisis are analyzed, with particular emphasis on the one that occurred in the eighties. Finally, recommendations are made to strengthen the international financial system at various levels to avoid major crises in the future.
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