UN General Assembly
1985

Unfortunately, the serious, calm behavior of the debtor countries has not obtained a satisfactory response from the other countries and institutions involved. We have reached th point where the only method proposed for resolving this problem has been the absurdity of turning the developing countries into net capital exporters and the only method of action recommended at the international level has been the imposition of policies that stimulate recession and unemployment. The industrialized countries must participate actively with the debtor countries in seeking more conclusive solutions to the debt problem and, in particular, in establishing protective mechanisms to cope with the high interest rates that are kept high so as to attract the capital necessary to finance deficits and high standards of living, while our countries, on the contrary, are being obliged to adopt severe adjustment measures at the cost of great sacrifice in order to eliminate existing deficits and honor our commitments.