| | During the 1980s, most of the countries in Latin America, Eastern Eurpoe and Africa, with different forms of governments professing very different ideologies, found themselves trapped by levels of debt to international and commercial banks which were far beyond their capacity to finance. Consequently, they came to depend on the IMF and World Bank approval to persuade commercial banks to reschedule their debts and maintain lines of commercial credit. Across several continents, state economic policies required the external approval of the international receivers, the IMF and the World Bank |
