What was one of the causes of the economic failures in Latin America during the 1970s and early 1980s?

Question

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The failure of a number of governments to pay interest on their debts to foreign banks was a major cause of the economic failures in Latin America during the 1970s and early 1980s. Many countries had borrowed heavily from foreign banks to finance their development projects, but they were unable to generate enough income to pay off their debts. This led to a debt crisis, as countries defaulted on their payments and international investors became hesitant to lend money to Latin American countries.

What Was One of the Causes of the Economic Failures