When López Portillo left office in December 1982, the economy was in shambles. He designated Miguel de la Madrid as the PRI candidate, the first of a series of economists to rule the country, a technocrat who turned his back on populist policies to implement neoliberal reforms, causing the number of state-owned industries to decline from 1155 to a mere 412. After the 1982 default, crisis lenders were unwilling to loan Mexico and this resulted in currency devaluations to finance spending. An earthquake in September 1985, in which his administration was criticised for its slow and clumsy reaction, added more woe to the problems. As a result of the crisis, black markets supplied by goods stolen from the public sector appeared. Galloping inflation continued to plague the country, hitting a record high in 1987 at 159.2%.