Which of the Following Statements About the Latin American Debt

Which of the following statements about the Latin American debt crises is FALSE?

A) The new democratic governments in the region in the mid- and late-1980s lacked the political will to cut spending and impose other austerity measures.
B) High oil prices in 1979 caused a rise in interest rates, which raised the cost of borrowing in Latin America
C) Rather than borrowing money to invest in development projects, Latin American governments were often borrowing simply to make payments on their earlier loans.
D) While Mexico, Argentina, and Brazil had relatively small debt burdens, international lenders had the most leverage over smaller Latin American borrowers.