What Happened in the Eighties?

In the seventies, all these countries borrow lots of money, but they borrow in dollars. The eighties, the american federal reserve, under paul vacker, send interust rates up to 20%. And that as two impacts: It profoundly drives up the intustrate on det wee an existing debt. But its also what it does that drives the dollar up. So once the dollar goes up, intit up. These countries have to generate more and more and more revenues just to pay the exist stand stillere. They all default, right? Mexico, brazil, argentina, all these big latin american players, as well as all africa.