Bernardo Grinspun, the first minister of the economy, arranged an increase in wages, reaching the levels of 1975. This caused inflation to reach 32%. He also tried to negotiate more favourable terms on the country's foreign debt, but the negotiations failed. Risking a default, he negotiated with the IMF, which requested spending cuts. International credits prevented default at the end of 1984, but he resigned in March 1985 when the debt reached $1 billion and the IMF denied further credits. Grinspun was succeeded by Juan Vital Sourrouille, who designed the Austral plan. This plan froze prices and wages, stopped the printing of money, arranged spending cuts, and established a new currency, the Austral. The plan was a success in the short term, and choked inflation. Inflation rose again by the end of the year, the CGT opposed the wage freeze, and business community opposed the price freeze. Alfonsín thought that the privatization of some state assets and a deregulation of the economy might work, but those proposals were opposed by both the PJ and his own party.