The banks had to somehow restructure the debts to avoid financial panic; this usually involved new loans with very strict conditions, as well as the requirement that the debtor countries accept the intervention of the International Monetary Fund (IMF). There were several stages of strategies to slow and end the crisis. The IMF moved to restructure the payments and reduce government spending in debtor countries. Later it and the World Bank encouraged opened markets. Finally, the US and the IMF pushed for debt relief, recognizing that countries would not be able to pay back in full the large sums they owed.