While the dangerous accumulation of foreign debt occurred over a number of years, the debt crisis began when the international capital markets became aware that Latin America would not be able to pay back its loans. This occurred in August 1982 when Mexico's Finance Minister, Jesús Silva-Herzog, declared that Mexico would no longer be able to service its debt. Mexico stated that it could not meet its payment due-dates, and announced unilaterally a moratorium of 90 days; it also requested a renegotiation of payment periods and new loans in order to fulfill its prior obligations.