) ▁ ▁Priv at izations ▁were ▁viewed ▁by ▁the ▁World ▁Bank ▁and ▁the ▁IM F ▁in ▁the ▁ 1 9 9 0 s ▁as ▁the ▁preferred ▁solution ▁for ▁developing ▁countries ▁such ▁as ▁Argentina ▁to ▁overcome ▁the ▁deb t ▁crisis . ▁According ly , ▁the ▁Men em ▁administration ▁secured ▁special ▁powers ▁from ▁Congress , ▁which ▁en act ed ▁new ▁legisl ation ▁in ▁shortly ▁after ▁his ▁inaug ural ▁in ▁ 1 9 8 9 ▁author izing ▁the ▁sale ▁of ▁some ▁ 3 0 0 ▁state ▁enter pr ises ▁for ▁US $ 2 4 ▁billion . ▁The ▁proceed s ▁were ▁largely ▁ch anne led ▁toward ▁rep ay ment ▁and ▁mon et ization ▁of ▁the ▁US $ 6 5 ▁billion ▁foreign ▁deb t ▁( 9 0 % ▁of ▁which ▁was ▁found ▁in ▁a ▁ 1 9 8 4 ▁Econom y ▁Ministry ▁aud it ▁to ▁be ▁fra ud ul ent ▁in ▁nature ). ▁The ▁US $ 3 1 ▁billion ▁in ▁Br ady ▁B onds ▁issued ▁for ▁this ▁purpose ▁deep ened ▁the ▁nation ' s ▁deb t ▁crisis , ▁however , ▁because ▁while ▁Argentina ▁serv iced ▁them ▁at ▁face ▁value , ▁the ▁b onds ▁typically ▁trad ed ▁at ▁a ▁ste ep ▁disc ount . ▁ ▁Lar ge ▁public ▁service ▁rate ▁increases , ▁added ▁to ▁weak ▁regul atory ▁frameworks ▁and ▁constant ▁ren eg ot iation ▁of ▁con cess ion ▁contract s , ▁brought ▁out s ized ▁prof its ▁to ▁the ▁priv at ized ▁companies . ▁Between ▁ 1 9 9 3 ▁and ▁ 2 0 0 0 , ▁the ▁