98-409: Cocaine Coup is a term that has been applied to: 1980 Bolivian coup d'état of Luis García Meza Tejada 1978 Honduran coup d'état of Policarpo Paz García Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title Cocaine Coup . If an internal link led you here, you may wish to change
196-434: A January 2014 report entitled "Fiscal Policy and Income Inequality" that stated that "Some taxes levied on wealth, especially on immovable property, are also an option for economies seeking more progressive taxation ... Property taxes are equitable and efficient, but underutilized in many economies ... There is considerable scope to exploit this tax more fully, both as a revenue source and as a redistributive instrument." At
294-480: A broader focus of promoting market-liberalizing reforms through structural adjustment programs. This shift occurred without a formal renegotiation of the organization's charter or operational guidelines. The Ronald Reagan administration , in particular Treasury Secretary James Baker , his assistant secretary David Mulford and deputy assistant secretary Charles Dallara , pressured the IMF to attach market-liberal reforms to
392-456: A clear strategy and political experience, Torres soon alienated all sectors of Bolivian society. He found it difficult to organize groups on the left because they confronted him with demands he could not meet, such as giving them half of all cabinet seats. The workers, students, and parties of the left wanted a socialist state and saw the Torres government only as a step in that direction. In June 1970,
490-564: A coup in September 1969 by General Ovando, who was overthrown in October 1970 by General Rogelio Miranda , who was overthrown a couple of days later by General Juan José Torres , who in turn was overthrown in August 1971 by Hugo Banzer Suárez . Banzer ruled for seven years, initially from 1971 to 1974, with the support of Estenssoro's Nationalist Revolutionary Movement . In 1974, impatient with schisms in
588-503: A coup, demanding that Banzer legitimize his rule. It failed, however, as did another on November 7 that was supported by military, MNR, and FSB elements in Santa Cruz. The November 7, 1974 coup has been called an auto-golpe ( self-coup ) because it gave Banzer a reason to rule without civilian interference. Influenced by the Brazilian model, he announced the complete reorganization of
686-546: A date for 1978. General Juan Pereda Asbún , Banzer's handpicked candidate, carried out a coup in July 1978 after the National Electoral Court annulled the elections because of widespread fraud by Pereda's supporters. Although Bolivia continued under military rule, the 1978 general election marked the beginning of Bolivia's traumatic transition to democracy during the following four years. Between 1978 and 1980, Bolivia
784-444: A general strike, General Torres emerged as the compromise candidate and became president of Bolivia. The main feature of Torres's presidency was a lack of authority. Rather than taking the initiative on policies, Torres primarily reacted to pressure from different groups. His minister of interior, Jorge Gallardo Lozada , labeled the Torres government the "ten months of emergency". Torres hoped to retain civilian support by moving to
882-456: A loss, despite high mineral prices, because it was subsidizing other state agencies. Cotton production also declined when world prices fell. The stability of the Banzer regime was superficial because the military remained divided by personal rivalry, ideological differences, and a generational gap. Growing civilian opposition was centered in the labor sector despite the renewed military occupation of
980-410: A majority of the popular vote, former president Hernán Siles Zuazo and his Democratic and Popular Unity (Unidad Democrática y Popular, UDP) coalition alone got 38% of the votes; Siles was thus favored to win the presidency by congressional ballot on August 6, 1980. The congressional ballot process was disrupted on July 17, 1980, by the violent military coup of General Luis García Meza , cousin of
1078-524: A military director and abolished the veto power of union leaders in management decisions. The president also cut the miners' pay to US$ 0.80 a day, reducing the mining workforce and the enormous Comibol bureaucracy by 10%. Finally, he destroyed the Bolivian Labor Federation (Central Obrera Boliviana, COB) and the mine workers' union, suppressed all strike activity, disarmed the miners' militias, and exiled union leaders. Military troops again occupied
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#17328630831421176-487: A position of oversight of only exchange rates, their function became one of surveillance of the overall macroeconomic performance of member countries. Their role became a lot more active because the IMF now manages economic policy rather than just exchange rates. In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality , which was established in the 1950s. Low-income countries can borrow on concessional terms , which means there
1274-549: A program of "revolutionary nationalism", which he had outlined in the "Revolutionary Mandate of the Armed Forces". Revolutionary nationalism reflected the heritage and rhetoric of the military reformist regimes of the past and the spirit of the 1952 Revolution. It also showed the influence of the Peruvian government of General Juan Velasco Alvarado . Many Bolivian officers believed that the military had to intervene in politics to lead
1372-415: A quota system, countries contribute funds to a pool from which countries can borrow if they experience balance of payments problems. The IMF works to stabilize and foster the economies of its member countries by its use of the fund, as well as other activities such as gathering and analyzing economic statistics and surveillance of its members' economies. The current managing director (MD) and chairperson of
1470-498: A year and is responsible for electing or appointing an executive director to the executive board. While the board of governors is officially responsible for approving quota increases, special drawing right allocations, the admittance of new members, compulsory withdrawal of members, and amendments to the Articles of Agreement and By-Laws, in practice it has delegated most of its powers to the IMF's executive board. The board of governors
1568-869: Is a period of time with no interest rates, through the Extended Credit Facility (ECF), the Standby Credit Facility (SCF) and the Rapid Credit Facility (RCF). Non-concessional loans, which include interest rates, are provided mainly through the Stand-By Arrangements (SBA), the Flexible Credit Line (FCL), the Precautionary and Liquidity Line (PLL), and the Extended Fund Facility. The IMF provides emergency assistance via
1666-510: Is a time of periodic instability under various military dictators. On November 4, 1964, power passed from the elected leader of the Bolivian National Revolution , Víctor Paz Estenssoro , to a military junta under vice-president General René Barrientos . Barrientos was elected president in 1966 but died suspiciously in a helicopter crash in 1969 while touring the countryside and visiting the indigenous people of Bolivia. This led to
1764-516: Is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability . Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade , promote high employment and sustainable economic growth, and reduce poverty around the world." Established in July of 1944 at the Bretton Woods Conference , primarily according to
1862-441: Is that private international capital markets function imperfectly and many countries have limited access to financial markets. Such market imperfections, together with balance-of-payments financing, provide the justification for official financing, without which many countries could only correct large external payment imbalances through measures with adverse economic consequences. The IMF provides alternate sources of financing such as
1960-512: The COVID-19 pandemic . This was in addition to the $ 50 billion fund it had announced two weeks earlier, of which $ 5 billion had already been requested by Iran . One day earlier on 11 March, the UK called to pledge £150 million to the IMF catastrophe relief fund. It came to light on 27 March that "more than 80 poor and middle-income countries" had sought a bailout due to the coronavirus. On 13 April 2020,
2058-743: The Cochabamba Valley and their subsequent massacre by the military. The governing alliance disintegrated almost immediately when the MNR and the FSB split. They proved unreliable in supporting Banzer because only minor factions remained in the FPN. The armed forces were also divided, and various factions tried to overthrow the regime. On June 5, 1974, younger officers belonging to the Generational Group ( Grupo Generacional ) and led by General Gary Prado Salmón attempted
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#17328630831422156-764: The Cold War limited the Fund's membership, with most countries in the Soviet sphere of influence not joining until 1970s and 1980s. The Bretton Woods exchange rate system prevailed until 1971 when the United States government suspended the convertibility of the US$ (and dollar reserves held by other governments) into gold. This is known as the Nixon Shock . The changes to the IMF articles of agreement reflecting these changes were ratified in 1976 by
2254-607: The Great Depression , countries sharply raised barriers to trade in an attempt to improve their failing economies. This led to the devaluation of national currencies and a decline in world trade. This breakdown in international monetary cooperation created a need for oversight. The representatives of 45 governments met at the Bretton Woods Conference in the Mount Washington Hotel in Bretton Woods, New Hampshire , in
2352-487: The Jamaica Accords . Later in the 1970s, large commercial banks began lending to states because they were awash in cash deposited by oil exporters. The lending of the so-called money center banks led to the IMF changing its role in the 1980s after a world recession provoked a crisis that brought the IMF back into global financial governance. In the mid-1980s, the IMF shifted its narrow focus from currency stabilization to
2450-554: The Poverty Reduction and Growth Facility . Upon the founding of the IMF, its three primary functions were: The IMF's role was fundamentally altered by the floating exchange rates after 1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine whether a shortage of capital was due to economic fluctuations or economic policy. The IMF also researched what types of government policy would ensure economic recovery. A particular concern of
2548-784: The Special Data Dissemination Standard (SDDS). The executive board approved the SDDS and GDDS in 1996 and 1997, respectively, and subsequent amendments were published in a revised Guide to the General Data Dissemination System . The system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals (MDG) and Poverty Reduction Strategic Papers (PRSPs) . The primary objective of
2646-454: The first Greek bailout that totaled €110 billion, to address the great accumulation of public debt, caused by continuing large public sector deficits. As part of the bailout, the Greek government agreed to adopt austerity measures that would reduce the deficit from 11% in 2009 to "well below 3%" in 2014. The bailout did not include debt restructuring measures such as a haircut , to the chagrin of
2744-415: The 1930s . The IMF formally came into existence on 27 December 1945, when the first 29 countries ratified its Articles of Agreement. By the end of 1946 the IMF had grown to 39 members. On 1 March 1947, the IMF began its financial operations, and on 8 May France became the first country to borrow from it. The IMF was one of the key organizations of the international economic system; its design allowed
2842-428: The 1940s and 1950s, and the recruitment of staff exposed to new thinking in economics. The IMF provided two major lending packages in the early 2000s to Argentina (during the 1998–2002 Argentine great depression ) and Uruguay (after the 2002 Uruguay banking crisis ). However, by the mid-2000s, IMF lending was at its lowest share of world GDP since the 1970s. In May 2010, the IMF participated, in 3:11 proportion, in
2940-573: The Banzer regime further demoralized the officer corps. Despite his promise after four months in office, General Pereda did not call for elections. In November 1978, he was overthrown in a bloodless coup by General David Padilla Arancibia , who was supported by the younger institutionalist faction of the military. Arancibia saw the main role of the military as the defense of the country rather than political intervention and announced elections for 1979 without naming an official government candidate. Electoral reforms simplified voter registration, and 90% of
3038-622: The Barrientos regime at a growth rate averaging 6.5% yearly. The rise of tin prices resulted in the first profit for the Mining Corporation of Bolivia (Corporación Minera de Bolivia, Comibol) in 1966. They contributed to increased production in the medium-sized mines that had remained private. Barrientos encouraged the private sector and foreign investment and gave Gulf Oil Company permission to export petroleum and natural gas from Bolivia. In 1966, Barrientos legitimized his rule by winning
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3136-482: The Bolivian political system and the formation of a "new Bolivia" under military rule. Banzer hoped to keep the support of the business community, the mine owners, the agricultural entrepreneurs in Santa Cruz, and the growing number of loyal bureaucrats. The government, however, soon began to face serious problems. The "economic miracle" turned out to be a myth; petroleum production declined sharply, and Comibol produced at
3234-514: The Code of Conduct in the IMF Articles of Agreement, and to provide national economic information. However, stricter rules were imposed on governments that applied to the IMF for funding. The countries that joined the IMF between 1945 and 1971 agreed to keep their exchange rates secured at rates that could be adjusted only to correct a "fundamental disequilibrium" in the balance of payments, and only with
3332-463: The GDDS is to encourage member countries to build a framework to improve data quality and statistical capacity building to evaluate statistical needs, set priorities in improving timeliness, transparency , reliability, and accessibility of financial and economic data. Some countries initially used the GDDS, but later upgraded to SDDS. Some entities that are not IMF members also contribute statistical data to
3430-492: The García Meza clique to return to power, a third Junta of Commanders of the Armed Forces appointed General Guido Vildoso Calderón as de facto president and entrusted him with returning the country to democratic rule. Rather than calling a new election, Vildoso decided to reconvene the 1980 Congress and respect the results of that year's presidential contest. When Congress reconvened on September 23, 1982, one of its first acts
3528-513: The IMF in 1980 after losing the support of the then United States President Jimmy Carter and was replaced by the People's Republic of China . However, "Taiwan Province of China" is still listed in the official IMF indices. Poland withdrew in 1950—allegedly pressured by the Soviet Union —but returned in 1986. The former Czechoslovakia was expelled in 1954 for "failing to provide required data" and
3626-609: The IMF is Bulgarian economist Kristalina Georgieva , who has held the post since 1 October 2019. Indian-American economist Gita Gopinath , previously the chief economist, was appointed as first deputy managing director, effective 21 January 2022. Pierre-Olivier Gourinchas was appointed chief economist on 24 January 2022. According to the IMF itself, it works to foster global growth and economic stability by providing policy advice and financing to its members. It also works with developing countries to help them achieve macroeconomic stability and reduce poverty. The rationale for this
3724-425: The IMF is part, are joint managers of this programme, which was approved by the executive directors of the IMF on 15 March 2012 for XDR 23.8 billion and saw private bondholders take a haircut of upwards of 50%. In the interval between May 2010 and February 2012 the private banks of Holland, France, and Germany reduced exposure to Greek debt from €122 billion to €66 billion. As of January 2012 ,
3822-554: The IMF said that it "would provide immediate debt relief to 25 member countries under its Catastrophe Containment and Relief Trust (CCRT)" programme. Not all member countries of the IMF are sovereign states, and therefore not all "member countries" of the IMF are members of the United Nations. Amidst "member countries" of the IMF that are not member states of the UN are non-sovereign areas with special jurisdictions that are officially under
3920-533: The IMF was to prevent financial crises, such as those in Mexico in 1982, Brazil in 1987, the 1997 Asian financial crisis , and the 1998 Russian financial crisis , from spreading and threatening the entire global financial and currency system. The challenge was to promote and implement a policy that reduced the frequency of crises among emerging market countries, especially the middle-income countries which are vulnerable to massive capital outflows. Rather than maintaining
4018-551: The IMF's agreement. Member countries of the IMF have access to information on the economic policies of all member countries, the opportunity to influence other members' economic policies, technical assistance in banking, fiscal affairs, and exchange matters, financial support in times of payment difficulties, and increased opportunities for trade and investment. The board of governors consists of one governor and one alternate governor for each member country. Each member country appoints its two governors. The Board normally meets once
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4116-478: The Rapid Financing Instrument (RFI) to members facing urgent balance-of-payments needs. The IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries. Accurate estimations require a degree of participatory surveillance. Market sizes and economic facts are estimated using member-state data, shared and verifiable by
4214-482: The Swiss, Brazilian, Indian, Russian, and Argentinian Directors of the IMF, with the Greek authorities themselves (at the time, PM George Papandreou and Finance Minister Giorgos Papakonstantinou ) ruling out a haircut. A second bailout package of more than €100 billion was agreed upon over the course of a few months from October 2011, during which time Papandreou was forced from office. The so-called Troika , of which
4312-627: The Torres regime established the Popular Assembly (Asamblea Popular) in an attempt to form an alternative popular government. Consisting mainly of representatives of workers' and peasants' organizations, the Popular Assembly was intended to serve as a base for the radical transformation of society. However, the left remained divided by ideological differences and rivalry for leadership. They could not agree on controversial issues dealing with full worker participation in state and private enterprises,
4410-611: The United States Central Intelligence Agency (CIA) aroused national indignation. The military also resented the crucial role of United States officers in the capture and killing of Ernesto "Che" Guevara in 1967 in Bolivia, where he had tried to start a guerrilla movement. The death of Barrientos in a helicopter crash on April 27, 1969, initially left control in the hands of his vice president, Luís Adolfo Siles Salinas (1969). Real power, however, remained with
4508-405: The United States, to discuss a framework for postwar international economic cooperation and how to rebuild Europe. There were two views on the role the IMF should assume as a global economic institution. American delegate Harry Dexter White foresaw an IMF that functioned more like a bank, making sure that borrowing states could repay their debts on time. Most of White's plan was incorporated into
4606-412: The agreement, the campesino militias agreed to adopt an anti-leftist stance and to subordinate themselves to the army. However, his attempt to impose taxes on peasants resulted in a violent response and loss of support in rural areas. Determined to keep the labor sector under control, Barrientos took away most of the gains it had achieved during the MNR's rule. He placed Comibol under the control of
4704-512: The armed forces under its commander in chief, General Ovando, who took power on September 26, 1969, in a coup that reformist officers supported. Ovando (co-president, May 1965 – January 1966, and president, January–August 1966 and 1969–70) annulled the 1970 elections, dismissed the Congress, and appointed a cabinet that included independent reformist civilians who had opposed Barrientos's policies. Ovando hoped to gain civilian and military support with
4802-466: The armed forces. During the first years of the Banzer presidency, the economy improved rapidly. Exports tripled between 1970 and 1974 because of increased production of petroleum, natural gas , and tin, which was then refined in Bolivian smelters . The production of cotton in the Santa Cruz area in eastern Bolivia also tripled between 1970 and 1975. Despite this economic growth, Bolivia reverted to
4900-441: The assistance of Argentine advisers—destroyed the opposition. Government involvement in cocaine trafficking resulted in international isolation for Bolivia. Cocaine exports reportedly totaled US$ 850 million in the 1980–81 period of the García Meza regime, twice the value of official government exports. The "coca dollars" were used to buy military officers' silence or active support. But García Meza, who failed to gain support in
4998-420: The consequences of these policies for other countries and for the global economy . For instance, The IMF played a significant role in individual countries, such as Armenia and Belarus, in providing financial support to achieve stabilization financing from 2009 to 2019. The maximum sustainable debt level of a polity, which is watched closely by the IMF, was defined in 2011 by IMF economists to be 120%. Indeed, it
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#17328630831425096-407: The country toward reform because civilian governments had failed in that undertaking. They were convinced that it was in the main interest of the armed forces to end underdevelopment, which they saw as the cause of insurgency. The military would, therefore, fight on the internal frontiers against social injustice and economic dependence. Despite highly popular measures, such as the nationalization of
5194-452: The country will be able to rectify its macroeconomic and structural imbalances. In the judgment of the IMF, the adoption by the member of certain corrective measures or policies will allow it to repay the IMF, thereby ensuring that the resources will be available to support other members. As of 2004 , borrowing countries have had a good track record for repaying credit extended under the IMF's regular lending facilities with full interest over
5292-445: The creation of armed militias, and the establishment of popular tribunals having legal jurisdiction over crimes against the working class. No consensus was achieved, and many delegates, resenting the lack of power to enforce the resolutions and running short of funds, returned home prematurely. The Popular Assembly did, however, succeed in weakening the government by creating a climate in which popular organizations acted independently from
5390-447: The defense budget to free money for education and allowed civilian interference in strictly military matters. He often permitted military disobedience to go unpunished. The last step of institutional decay was a manifesto written during the last weeks of the Torres regime by a group of junior officers who questioned military authority. It resulted in widespread military support for the coup on August 21, 1971, by Colonel Hugo Banzer Suárez ,
5488-504: The deposed president Gueiler, who fled the country. Reportedly financed by cocaine traffickers and supported by European mercenaries recruited by Klaus Barbie , former Gestapo chief in Lyon , and Stefano Delle Chiaie , Italian neo-fascist, the coup began the rule of the first Junta of Commanders of the Armed Forces , one of the darkest periods in Bolivian history. Arbitrary arrest by paramilitary units, torture, and disappearances—with
5586-418: The detriment of others because they do not bear the full consequences of their actions—is mitigated through conditions rather than providing collateral; countries in need of IMF loans do not generally possess internationally valuable collateral anyway. Conditionality also reassures the IMF that the funds lent to them will be used for the purposes defined by the Articles of Agreement and provides safeguards that
5684-438: The duration of the loan. This indicates that IMF lending does not impose a burden on creditor countries, as lending countries receive market-rate interest on most of their quota subscription, plus any of their own-currency subscriptions that are loaned out by the IMF, plus all of the reserve assets that they provide the IMF. The IMF was originally laid out as a part of the Bretton Woods system exchange agreement in 1944. During
5782-483: The electorate chose among eight presidential candidates in honest elections. When none of the primary presidential candidates gained a majority in the general election the following July, and the National Congress of Bolivia was equally unable to elect a president, it appointed former Revolutionary Nationalist Movement head Walter Guevara Arze as interim president for a year, beginning on August 8, 1979. This
5880-554: The end of March 2014, the IMF secured an $ 18 billion bailout fund for the provisional government of Ukraine in the aftermath of the Revolution of Dignity . In late 2019, the IMF estimated global growth in 2020 to reach 3.4%, but due to the coronavirus, in November 2020, it expected the global economy to shrink by 4.4%. In March 2020, Kristalina Georgieva announced that the IMF stood ready to mobilize $ 1 trillion as its response to
5978-450: The final acts adopted at Bretton Woods. British economist John Maynard Keynes , on the other hand, imagined that the IMF would be a cooperative fund upon which member states could draw to maintain economic activity and employment through periodic crises. This view suggested an IMF that helped governments and act as the United States government had during the New Deal to the great depression of
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#17328630831426076-490: The first congress of the Bolivian Labor Federation (Central Obrera Boliviana, COB) since 1970, they vehemently protested the economic austerity measures dictated by the International Monetary Fund (IMF). The division in the armed forces and the increasing visibility of paramilitary groups reflected the institutional decay of the military. A civilian investigation into human rights violations committed during
6174-422: The form of policy reform. If the conditions are not met, the funds are withheld. The concept of conditionality was introduced in a 1952 executive board decision and later incorporated into the Articles of Agreement. Conditionality is associated with economic theory as well as an enforcement mechanism for repayment. Stemming primarily from the work of Jacques Polak , the theoretical underpinning of conditionality
6272-418: The former Military Academy commander whom Torres had exiled. Colonel Hugo Banzer (1971–78), a highly respected officer who had repeatedly attempted to overthrow the regime of Juan José Torres , ruled for six years, one of the longest continuous presidential terms in recent Bolivian history. Banzer's presidency was characterized by relative political stability and unprecedented economic growth. At first, he
6370-512: The holdings of the Gulf Oil Company, Ovando failed to gain popular support. Popular enthusiasm over the nationalization was short-lived. Disagreement over compensation, a boycott of Bolivian crude oil on the international market, and a general economic downturn became divisive factors. Even though Ovando legalized the COB and withdrew troops from the mining camps, lasting worker support for the regime
6468-427: The ideas of Harry Dexter White and John Maynard Keynes , it started with 29 member countries and the goal of reconstructing the international monetary system after World War II . In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed world. It now plays a central role in the management of balance of payments difficulties and international financial crises. Through
6566-535: The largest borrowers from the IMF in order were Greece, Portugal, Ireland, Romania, and Ukraine. On 25 March 2013, a €10 billion international bailout of Cyprus was agreed by the Troika , at the cost to the Cypriots of its agreement: to close the country's second-largest bank ; to impose a one-time bank deposit levy on Bank of Cyprus uninsured deposits. No insured deposit of €100k or less were to be affected under
6664-458: The last months of his regime, he was unable to enlist the support of the conservative groups in the country because this move only emphasized his weakness. Ovando's reform program also polarized the military. Reformist officers, concerned about the decline in popular support for the military since the Barrientos regime, shifted their support to the more radical General Juan José Torres (1970–71), whom Ovando had dismissed as his commander in chief,
6762-565: The left. He nationalized some United States property, such as the waste-processing operation of the Catavi tin mines and the Matilde zinc mine , and he ordered the Peace Corps , a United States program, out of Bolivia. While limiting United States influence in Bolivia, Torres increased cooperation with the Soviet Union and its allies in the economic and technical sectors. However, because of his lack of
6860-428: The link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Cocaine_Coup&oldid=932769681 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages 1980 Bolivian coup d%27%C3%A9tat The history of Bolivia from 1964 to 1982
6958-518: The military, faced repeated coup attempts and was pressured to resign on August 4, 1981. The ruthlessness, extreme corruption, and international isolation of the García Meza government completely demoralized and discredited the military; many officers wanted to return to democracy. However, the second Junta of Commanders of the Armed forces (led by General Celso Torrelio Villa ) was reluctant to call for elections. In July 1982, after yet another attempt by
7056-691: The mines, and in 1967 they massacred miners and their families at the Catavi - Siglo XX mines. Barrientos could not wholly silence the labor sector; miners led the growing opposition to his rule. The various groups opposing his rule joined in denouncing Barrientos's selling of natural resources to the United States under favorable terms. They resented his invitation to United States private investment in Bolivia because he offered greater privileges to foreign investors. The defection of Barrientos's close friend and minister of interior, Colonel Antonio Arguedas , to Cuba after his announcement that he had been an agent for
7154-487: The mines. Radical students and the progressive sector of the Roman Catholic Church became spokespersons for the oppressed groups; the peasants also criticized the government. External factions contributed to the weakening of the Banzer regime as well. The negotiation with Chile for an outlet to the sea had raised hopes in 1974. When an agreement between Banzer and General Augusto Pinochet Ugarte failed because of
7252-621: The more charismatic Barrientos, Ovando allowed Barrientos to assume the formal title alone. At the same time, he occupied the post of commander in chief of the armed forces . Barrientos, Quechua-speaking general, insisted that his assumption of power was not a counterrevolutionary move and promised to restore the Bolivian National Revolution to its "true path", from which the Nationalist Revolutionary Movement (Movimiento Nacionalista Revolucionario, MNR) had deviated during its twelve-year rule. His government continued many of
7350-463: The opposition of Chilean nationalists, Banzer's position was weakened. After Jimmy Carter assumed the United States presidency in 1976, the United States pressured Banzer to hold elections. In 1977, with mounting opposition from civilian groups and the military and increasing pressure from the United States, Banzer announced a presidential election for 1980, hoping to remain in control. However, labor unrest and hostility to his regime forced him to set
7448-428: The organization's conditional loans. During the 20th century, the IMF shifted its position on capital controls. Whereas the IMF permitted capital controls at its founding and throughout the 1970s, IMF staff increasingly favored free capital movement from 1980s onwards. This shift happened in the aftermath of an emerging consensus in economics on the desirability of free capital movement, retirement of IMF staff hired in
7546-491: The organization's other member-states. This transparency is intended to facilitate international co-operation and trade. Since the demise of the Bretton Woods system of fixed exchange rates in the early 1970s, surveillance has evolved largely by way of changes in procedures rather than through the adoption of new obligations. The Fund typically analyses the appropriateness of each member country's economic and financial policies for achieving orderly economic growth, and assesses
7644-548: The party, he replaced civilians with members of the armed forces and suspended political activities. The economy grew impressively during Banzer's presidency, but demands for greater political freedom undercut his support. He called elections in 1978, and Bolivia once again plunged into turmoil. Juan Pereda ruled for only four months in 1978, but his ascent to the presidency marked the beginning of an even more unstable period in Bolivian history, with nine civilian and military presidents in little over four years (1978–1982). 1982 marked
7742-456: The policies of the second Víctor Paz Estenssoro administration, including the International Monetary Fund (IMF) stabilization plan and the Triangular Plan . The emphasis on reducing social costs remained in effect. In May 1965, the army forced Barrientos to accept Ovando as his co-president as a reward for suppressing an uprising by miners and factory workers. The economy improved during
7840-677: The presidential election. He formed the Popular Christian Movement (Movimiento Popular Cristiano, MPC) as his base of support. Although the MPC was unsuccessful, he won the election with a coalition of conservative politicians, the business community, and the peasants. Barrientos's efforts to build support in the countryside succeeded at first with the signing in February 1964 of the Military-Peasant Pact (Pacto Militar-Campesino). Under
7938-456: The repression of earlier regimes. The new minister of interior, Colonel Andrés Sélich , ordered a massive crackdown on the left, abolishing labor unions and closing the universities. The government brutally suppressed a general strike against the devaluation of the Bolivian peso in 1972. In 1974, price increases for basic goods and control of food prices resulted in roadblocks by peasants in
8036-422: The return to a democratically elected government, with Guido Vildoso as president. On November 4, 1964 René Barrientos Ortuño (president, 1964–65; co-president, May 1965 – January 1966; and president, 1966–69) and General Alfredo Ovando Candia occupied the presidential palace and declared themselves co-presidents. But as the crowd, which had gathered outside the palace, persisted in shouting its preference for
8134-412: The right backed General Rogelio Miranda . The chaos surrounding the overthrow of Ovando highlighted the division in the armed forces. Military officers demanded the resignation of Ovando and Miranda after a failed coup attempt by the latter on October 5, 1970. A triumvirate , formed on October 6, failed to consolidate support. On October 7, as the country moved toward civil war after the COB had declared
8232-409: The sovereignty of full UN member states, such as Aruba , Curaçao , Hong Kong , and Macao , as well as Kosovo . The corporate members appoint ex-officio voting members, who are listed below . All members of the IMF are also International Bank for Reconstruction and Development (IBRD) members and vice versa. Former members are Cuba (which left in 1964), and Taiwan , which was ejected from
8330-445: The state. Torres's hope of placating conservative opposition by avoiding radical change did not win him the support of the right, especially of the powerful business community. Conservative groups unified in their opposition because they saw a chance for a political comeback in alliance with rightist officers. The military, in turn, became increasingly polarized because of their discontent with Torres's chaotic leadership. Torres had cut
8428-416: The system to balance the rebuilding of international capitalism with the maximization of national economic sovereignty and human welfare, also known as embedded liberalism . The IMF's influence in the global economy steadily increased as it accumulated more members. Its membership began to expand in the late 1950s and during the 1960s as many African countries became independent and applied for membership. But
8526-455: The systems: A 2021 study found that the IMF's surveillance activities have "a substantial impact on sovereign debt with much greater impacts in emerging than high-income economies". IMF conditionality is a set of policies or conditions that the IMF requires in exchange for financial resources. The IMF does require collateral from countries for loans but also requires the government seeking assistance to correct its macroeconomic imbalances in
8624-589: The terms of a novel bail-in scheme. The topic of sovereign debt restructuring was taken up by the IMF in April 2013, for the first time since 2005, in a report entitled "Sovereign Debt Restructuring: Recent Developments and Implications for the Fund's Legal and Policy Framework". The paper, which was discussed by the board on 20 May, summarised the recent experiences in Greece, St Kitts and Nevis, Belize, and Jamaica. An explanatory interview with deputy director Hugh Bredenkamp
8722-467: Was appointed interim president on November 16, 1979. Gueiler was head of the Chamber of Deputies and a veteran Revolutionary Nationalist Movement politician and became the first female leader of Bolivia. The following June, Gueiler presided over the 1980 Bolivian general election , the third in three years. The parties of the left gained a clear majority of the vote. Although no presidential candidate secured
8820-593: Was at this number that the Greek government-debt crisis started in 2010. In 1995, the International Monetary Fund began to work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The International Monetary and Financial Committee (IMFC) endorsed the guidelines for the dissemination standards and they were split into two tiers: The General Data Dissemination System (GDDS) and
8918-472: Was constantly in a state of crisis. The fragmentation of political forces made it impossible for any party to dominate. In the three elections held during this period, no party achieved a majority, and alliances of various groups could not break the deadlock. Social unrest increased as peasants began to agitate again on a large scale for the first time since their rebellion in the late colonial period. The Bolivian workers were more radical than ever. In 1979, during
9016-406: Was not ensured. Frustrated expectations, broken promises, and the massacre of miners by the military in Catavi in 1967 had radicalized the workers, who now refused to cooperate with the military government. While the left became radicalized, the right became weary of Ovando's vacillating statements, which included the suggestion that private property be abolished. Even when Ovando moved right during
9114-433: Was published a few days later, as was a deconstruction by Matina Stevis of The Wall Street Journal . In the October 2013, Fiscal Monitor publication, the IMF suggested that a capital levy capable of reducing Euro-area government debt ratios to "end-2007 levels" would require a very high tax rate of about 10%. The Fiscal Affairs department of the IMF, headed at the time by Acting Director Sanjeev Gupta, produced
9212-582: Was readmitted in 1990, after the Velvet Revolution . Apart from Cuba, the other UN states that do not belong to the IMF are Monaco and North Korea . Liechtenstein became the 191st member on 21 October 2024. Any country may apply to be a part of the IMF. Post-IMF formation, in the early postwar period, rules for IMF membership were left relatively loose. Members needed to make periodic membership payments towards their quota, to refrain from currency restrictions unless granted IMF permission, to abide by
9310-614: Was supported by the Nationalist Popular Front (Frente Popular Nacionalista, FPN), an alliance between the MNR under Paz Estenssoro, who was allowed to return from exile in Lima , and the Bolivian Socialist Falange (Falange Socialista Boliviana, FSB) under Mario Gutiérrez . Both parties had been enemies until the chaos of the Torres regime gave them a chance for a political comeback in alliance with conservative elements in
9408-575: Was the "monetary approach to the balance of payments". Some of the conditions for structural adjustment can include: These conditions are known as the Washington Consensus . These loan conditions ensure that the borrowing country will be able to repay the IMF and that the country will not attempt to solve their balance-of-payment problems in a way that would negatively impact the international economy . The incentive problem of moral hazard —when economic agents maximise their own utility to
9506-495: Was the first civilian regime since the brief term of Luís Adolfo Siles Salinas in 1969. However, Guevara was overthrown after a few months by a bloody coup under Colonel Alberto Natusch Busch in November 1979. Natusch stepped down after just two weeks because of intense civilian opposition, his limited military support, and diplomatic action by the United States to prevent recognition of the Natusch government. Lidia Gueiler Tejada
9604-588: Was to reconfirm the 1980 election results, which showed former president Hernán Siles well ahead, though short of a majority. In October, Congress overwhelmingly elected Siles, who assumed the presidency on October 10, 1982. International Monetary Fund The International Monetary Fund ( IMF ) is a major financial agency of the United Nations , and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It
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