Luis Echeverría, Minister of the Interior under Díaz Ordaz, carrying out the repression during the Olympics, was elected president in 1970. His government had to contend with mistrust of Mexicans and increasing economic problems. He instituted some with electoral reforms. Echeverría chose José López Portillo as his successor in 1976. Economic problems worsened in his early term, then massive reserves of petroleum were located off Mexico's Gulf Coast. Pemex did not have the capacity to develop these reserves itself, and brought in foreign firms.  Oil prices had been high because of OPEC's lock on oil production, and López Portilla borrowed money from foreign banks for current spending to fund social programs.  Those foreign banks were happy to lend to Mexico because the oil reserves were enormous and future revenues were collateral for loans denominated in U.S. dollars.  When the price of oil dropped, Mexico's economy collapsed in the 1982 Crisis. Interest rates soared, the peso devalued, and unable to pay loans, the government defaulted on its debt. President Miguel de la Madrid (1982–88) resorted to currency devaluations which in turn sparked inflation.