 On both occasions, the Mexican peso was devalued, and, until 2000, it was normal to expect a big devaluation and recession at the end of each presidential term.The "December Mistake" crisis threw Mexico into economic turmoil—the worst recession in over half a century.On 19 September 1985, an earthquake (8.1 on the Richter scale) struck Michoacán, inflicting severe damage on Mexico City.