▁new ▁deb t , ▁the ▁remainder ▁origin ated ▁in ▁bank ing ▁der eg ulation ▁en act ed ▁in ▁ 1 9 7 7 ▁and ▁in ▁a ▁craw ling ▁p eg ▁en act ed ▁in ▁ 1 9 7 8 ▁that ▁by ▁ 1 9 8 0 ▁made ▁the ▁pes o ▁one ▁of ▁the ▁most ▁over valu ed ▁curr encies ▁in ▁the ▁world . ▁At ▁least ▁US $ 2 0 ▁billion ▁borrow ed ▁by ▁private ▁parties ▁from ▁foreign ▁banks ▁in ▁just ▁two ▁years ▁were ▁w ired ▁to ▁off sh ore ▁banks ▁by ▁ 1 9 8 1 , ▁around ▁US $ 1 5 ▁billion ▁of ▁which ▁was ▁absor bed ▁into ▁the ▁public ▁deb t ▁the ▁following ▁year . ▁The ▁total ▁cost ▁of ▁these ▁b ail outs ▁rose ▁to ▁US $ 2 3 ▁billion ▁by ▁the ▁time ▁they ▁were ▁cur ta iled ▁in ▁ 1 9 8 5 . ▁These ▁costs ▁included ▁b ail outs ▁for ▁two ▁fir ms ▁in ▁which ▁Martínez ▁de ▁H oz ▁was ▁the ▁chief ▁share holder : ▁the ▁ins ol vent ▁C IA DE ▁electric ▁utility ▁( US $ 3 9 5 ▁million ) ▁and ▁steel ▁mak er ▁Ac ind ar ▁( US $ 6 4 9 ▁million ). ▁At ▁least ▁one ▁Martínez ▁de ▁H oz ▁sub ordinate ▁who ▁object ed ▁to ▁the ▁C IA DE ▁b ail out ▁( J uan ▁Carlos ▁Cas ar iego ) ▁joined ▁the ▁ranks ▁of ▁the ▁disappeared ▁in ▁ 1 9 7 7 . ▁ ▁Following ▁Judge ▁Nor berto ▁O yar b ide ' s