López Portillo was the last of the so-called economic nationalist Mexican presidents. His tenure was marked by heavy investments in the national oil industry after the discovery of new oil reserves, which propelled initial economic growth, but later gave way to a severe debt crisis after the international oil prices fell down, leading Mexico to declare a sovereign default in 1982. As a result of the crisis, the last months of his administration were plagued by widespread capital flight, leading López Portillo to nationalize the banks three months before leaving office. His presidency was also marked by widespread government corruption and nepotism.