 President de la Madrid (1982–88) was the first of a series of presidents that began to implement neoliberal reforms.After the crisis of 1982, lenders were unwilling to return to Mexico and, in order to keep the current account in balance, the government resorted to currency devaluations, which in turn sparked unprecedented inflation, which reached a historic high in 1987 at 139.7%.The first step toward the liberalization of trade was Mexico's signature of the General Agreement on Tariffs and Trade (GATT) in 1986 under President de la Madrid.