José López Portillo

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José López Portillo y Pacheco
President of Mexico
In office December 1, 1976 – November 30, 1982
Preceded by	Luis Echeverría
Succeeded by	Miguel de la Madrid

Born	June 16, 1920 Mexico City
Died	February 17, 2004 Mexico City
Political party	Institutional Revolutionary Party

José López Portillo y Pacheco (June 16, 1920 – February 17, 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, a close friend, from 1973 to 1975.

López Portillo undertook an ambitious program to promote Mexico's economic development with revenues stemming from the discovery of new petroleum reserves in the states of Veracruz and Tabasco by Petróleos Mexicanos (Pemex), the country's publicly owned oil company.

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 September 1, 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 free trade (librecambismo).

His neoliberal opponents internationally and domestically accused López Portillo of "rampant corruption," "excessive overseas borrowing," galloping inflation (which continued with his successor), and responsibility for devaluations of the peso.

[edit] Personal

In 1995, López Portillo married his former mistress, the Yugoslavian-born actress Sasha Montenegro. They had two children but separated years later. Legal battles erupted between Montenegro and the children from his first marriage, to Carmen Romano. As of 2005 legal battles over the fortune of the ex-president continue. It is claimed that López Portillo and Sasha Montenegro were involved when he was President, and that her relationship with the President gave her considerable support in building her career farther into the 1980s.^{[citation needed]}

He was the brother of late Mexican novelist Margarita López Portillo who died on May 8, 2006 of natural causes. She was the Director of all Film and Radio as well as Television under her brother and fairly responsible for the corruption of the time in many areas of the entertainment industry, which included the protection of Sasha Montenegro from the Press and her future in-laws.

Around 1980, López Portillo forbade the teaching of cursive writing in all of its schools, both public and private. Mexican schoolchildren could learn only to print and nothing more. The reasons for this outrageous mandate have never been made clear. ^{[citation needed]}

[edit] Quotations

¡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! -- "We have already been ransacked. Mexico is not finished. They will not ransack us again!" September 1, 1982.

¡Mi hijo es el orgullo de mi nepotismo! -- "My son is the pride of my nepotism."

En el mundo de la economía los paises se dividen en dos: los que tienen petróleo y los que no lo tienen. ¡Y nosotros lo tenemos! -- "In the world of economy, countries are divided in two: those that have oil and those that don't have it. And we have it!"

¡Vamos a administrar la abundancia! -- "We are going to manage abundance!"