Finance minister Sergio de Castro rejected a competitive devaluation of the Peso even in 1982 despite a quickly growing rate of business bankruptcies. He argued that only the strongest and fittest should survive, but with a deepening financial and economic crises that position became unbearable, he had to resign. One by one the economic crises of 1981 led to the replacement of all the Chicago Boys. Pragmatic economists had to socialize the two biggest Chilean banks in 1982 and another seven collapsing banks in 1983. The Central Bank of Chile socialized much of the foreign debt. The public expenditure quota rose above 34%, even higher than during the presidency of socialist Salvador Allende.