The Baker Plan was launched in October 1985 at the International Monetary Fund (IMF) meeting and the World Bank by James Baker, US Treasury Secretary, as a way to combat the international debt crisis. / p>
This plan was conceived as a measure to prevent the threat of Peruvian President Alan Garcia before, and the Cargagena Group's Latin American countries then united into a multilateral association capable of creating a strong pressure group within the IMF so as to be able to obtain better conditions for the repayment of the public debt of each State, followed by the threat of autonomous repayment of debts considered to be too exaggerated by the then Argentine Minister of the Economy, Bernardo Grinspun, as a hateful debt.
The idea of its creator was inspired by Japan's trade surplus that could have been used to mitigate the Third World's problems with public debt. The plan was designed to help countries with medium income, rich in raw materials and heavily indebted resources. Fifty countries were mentioned as potential beneficiaries, of which ten in Central and South America.
The plan considered repayment of debts to the indisputable creditors and tied the supply of new funding only to the adoption of liberalized economic policies, its adoption and effectiveness was considerably limited. His failure was attributed to the principles according to which the countries would receive help. It succeeded the Brady Plan. Voices correlateemodify wikitesto ceeded the Brady Plan. Voices correlateemodify wikitesto
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