Minister Bob Mackenzie estimated that the plan would help 56,000 workers. Rae claims he faced a true emergency in the spring of 1993 a crisis of government on which he had to act. Upon returning from Davos, Rae gave a speech on 9 February describing international business leaders' despair over government deficits and inefficiencies in Europe, where they stressed "the worldwide trend to redesign organizations, downsizing possible and trying to make their organisations more responsive'. Rae left Davos convinced that major changes in Ontario public services were needed, where these changes were of the kind long-proposed by the more conservative and business leaders of Ontario. As a result, his government brought in the Social Contract, austerity legislation which reopened collective bargaining agreements with the province's public sector unions. This legislation imposed a wage freeze and introduced what became known as "Rae days", requiring civil servants to take up to twelve days off without pay per year. These measures generated nearly 2 billion dollars in savings for Ontario, without laying off any public sector workers. These cutbacks led to a falling-out with both the public sector unions, most notably Ontario Public Service Employees Union (OPSEU), and the Canadian Auto Workers (CAW) and its leader Buzz Hargrove. Sid Ryan, Ontario President of the Canadian Union of Public Employees stated that Rae's passing of the "Social Contract" was unforgivable.Macleans reported that Rae had been delivered "a secret ultimatum" "by Canadian and international bond dealers". If he didn't get the deficit under $10 billion, they would demand junk-bond interest rates in order to finance Ontario's debt. Richard Walkom suggested it was a sudden panic of an NDP party aware of the stereotype it could not manage a budget, using the crisis as an opportunity to demonstrate it would use extreme measures in the appropriate circumstances. Regardless of whether Davos visit provided an epiphany, pressure or panic, this event is agreed as the beginning of the Ontario government's concessions to international corporations. Indeed, no less than a year later at Davos, Rae arrived as a pro-business head of government. He approached the World Economic Forum as a unabashed champion of the international corporation working against the expansion of workers' wages and government services. He proposed giving a large majority of Ontario's investment planning to international banking and securities firms, meeting with Deutsche Bank, Goldman Sachs and Nomura Securities, all of whom sold Ontario bonds on