Similarly, money poured into Spain and Greece when investors persuaded themselves that the bonds of all members of the euro zone should be as safe as Germany’s, the region’s most creditworthy country. In Greece, this allowed a government spending binge. In Spain it ignited a housing bubble. Both countries were left with an unbearable burden when the world economy hit a wall, creditors took flight and the money stopped.

European decision-making during the crisis of the last few years also shares some of the erratic nature of Mexican policy under President López Portillo. Cyprus was somehow allowed to threaten the euro area’s banking system. European leaders then “solved” the problem by imposing capital controls that — like those tried by Mexico — are unlikely to work and will undoubtedly provide new headaches down the road.

But the most relevant parallel is one that European leaders refuse to see. If there is one overwhelming lesson from the debt crisis that struck Mexico and other Latin American countries so hard three decades ago, it is that countries that cannot grow will not pay. It is up to creditors, too, to allow them to grow. It took Mexico and its lenders seven years to figure that out. The European crisis is in its fifth year. You would think they might have learned something by now, but no.

Mexicans remember what happened after Mr. Silva Herzog’s flight to Washington as the “lost decade.” Miguel de la Madrid, who took over as president the following December, promised deep budget cuts in exchange for bridge loans and debt rescheduling. That didn’t work, so Mexico cut a new deal, getting new loans from commercial banks, the United States and the International Monetary Fund, in exchange for cutting government payrolls and subsidies, selling state-run companies and opening the country to foreign trade.

I started college a little before Mr. Silva Herzog’s trip. In the five-plus years it took me to get a degree (Mexican degrees take longer) the Mexican economy contracted about 2 percent. By the time I got my graduate degree two years later, gross domestic product per person was 8 percent less than it was in 1982. Yet despite the enforced austerity, Mexico’s foreign debt in 1988 still amounted to 56.5 percent of Mexico’s economic output, more than it had six years before.