Note that this happened more or less concurrently with the LDC (less-developed-country) debt crisis:

https://www.fdic.gov/bank/historical/history/191_210.pdf

While the pre-existing institutional fragilities were different, Fed tightening hit them both hard:

> ... rising dollar ex-change rates in response to the high U.S. interest rates of the early 1980s increased the difficulty of meeting debt commitments.