José López Portillo y Pacheco presidency. Mexico becomes world's fourth largest producer of oil and also one of world's leading debtor countries. Political reform, leading to increase of minority party representation in Chamber of Deputies by proportional representation system. Foreign debt and inflation soar. Government corruption rampant.
1978 · Templo Mayor excavated
"In 1978, while digging around the main plaza, a group of workers accidently comes across a large rock carving, the Coyolxauhqui monolith. On it, is a finely carved figure of a headless woman. This discovery leads to the discovery of the ""Templo Mayor""."
Miguel de la Madrid Hurtado presidency. Economy contracts, and standard of living falls. Foreign debt renegotiated. Government adopts economic austerity measures.
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