This period saw a political alignment with the Eastern Bloc countries and a shift toward economic insularity. These policies, coupled with economic pressures stemming from the 1973 oil crisis, resulted in the rapid collapse of Madagascar's economy and a sharp decline in living standards, and the country had become completely bankrupt by 1979. The Ratsiraka administration accepted the conditions of transparency, anti-corruption measures and free market policies imposed by the International Monetary Fund, World Bank and various bilateral donors in exchange for their bailout of the nation's broken economy.